Crude-oil futures fell Monday as eurozone finance ministers met for the first time this year to discuss the region's debt problems, as lawmakers in the U.S. vote this week on budget issues.
House Majority Leader Eric Cantor said Friday that the House will vote to authorize a three-month increase in the debt ceiling, to give Congress time to pass a budget. Though the news provided some optimism to markets, the extension of the debt limit still doesn't provide a long-term solution to the U.S. deficit.
U.S. markets were shut Monday for the Martin Luther King, Jr. holiday, as U.S. President Barack Obama is publicly sworn into office.
In electronic trade on the New York Mercantile Exchange, crude for February lost 2 cents to $95.47 a barrel, trimming its losses from earlier in the day. Floor trading was closed today for the holiday.
Also Monday, eurozone finance ministers met in Brussels and were expected to pick Dutch finance minister Jeroen Dijsselbloem as the new chairman, according to reports.