Oil falls on looming "fiscal cliff"

NEW YORK, Nov. 27 (Xinhua) -- Crude prices fell on Tuesday as little progress was made in Washington on how to avoid the looming U.S. "fiscal cliff."

Worries about the "fiscal cliff" pressured the markets as Senate Majority Leader Harry Reid said that little progress had been made in recent days in the budget negotiation in U.S. Congress.

Besides, concerns about global economic growth reemerged after the Organization for Economic Cooperation and Development on Tuesday cut its global growth forecast for this year to 2.9 percent, as against 3.4 percent projected in May. The Paris-based think tank also warned that the recession-hit eurozone was the biggest threat to world economy.

International lenders reached a last-minute deal to release emergency aid funds to Greece, helping to ease market concerns about the European debt crisis. But analysts believe the latest deal has offered no plan to solve the country's long-term debt problems.

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