No major progress was reported after contentious talks in Washington on Thursday, with Republican House Speaker John Boehner rebuffing a proposal by President Barack Obama because it lacked "sensible spending cuts." But it is widely expected that a compromise will be reached before the deadline.

Benchmark oil for January delivery was down 35 cents to $87.72 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.58 to close at $88.07 on Thursday on the Nymex.

In currencies, the euro rose to $1.2997 from $1.2972 Thursday in New York. The dollar rose to 82.44 yen from 82.15 yen.


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