Brent Crude Oil Futures fiscal cliff rally ends

<p>Brent oil futures have fallen as the fiscal cliff rally in the markets comes to an end.</p>

It seems the honeymoon is over following the fiscal cliff agreement earlier this week, as oil prices have come back down to earth as old concerns surrounding the world's largest economy's finances re-emerge.

The price of oil hit an 11-week high yesterday (January 2nd) as part of the cross-market advance enjoyed after the US Congress approved a deal that will help the country avoid the full impact of the tax rises and government spending cuts that posed a major threat to US and global growth.

However, economists have been quick to comment on the fact challenges remain for Washington DC to resolve.

Speaking to CNBC, president at Excel Futures Mark Waggoner said: "The markets are a little overdone and people realise you still have the debt ceiling battle, social security taxes going up … and budget cuts."

At 16:00 GMT, Brent Crude Oil Futures fell by 0.6 per cent to $111.83 per barrel.

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