Summary New York's main contract WTI for January delivery was down 36 cents at $87.71 a barrel.
SINGAPORE: Oil prices eased in Asian trade Friday as investors took profit from a rise in New York, while markets remain volatile as US lawmakers hold talks on averting the fiscal cliff.
Democrat and Republican lawmakers must reach a deal to cut the country s deficit by the end of the year, when tax rises and spending cuts come into effect and which will likely tip the world s top economy back into recession.
But they made little progress on a compromise after Republicans on Thursday rejected as "ridiculous" and "unreasonable" a proposal by President Barack Obama to raise $1.6 trillion in new taxes.
New York s main contract, West Texas Intermediate (WTI) for January delivery, was down 36 cents at $87.71 a barrel in the afternoon, and Brent North Sea crude for January dropped 29 cents to $110.47.
WTI had climbed $1.58 and Brent advanced $1.25 in closing deals Thursday.
"Global markets look set to be entering a period of volatility as traders hang on the every word of US lawmakers and their views on on-going fiscal cliff talks," said Jason Hughes, head of premium client management at IG Markets Singapore.
