Tahrir (Liberty) Square

Oil prices fell nearly 1 percent on Wednesday to hit the lowest level in 12 days on fears of a looming U.S. budget crisis and government data showing a healthy build in gasoline stockpiles.Oil markets, which have been closely tracking efforts by the U.S. Congress to avoid the "fiscal cliff" that could potentially cause a recession, gave up some early losses after U.S. House Speaker John Boehner voiced optimism that Republicans could broker a deal with the White House.Traders have been focussing on U.S. and global economic conditions amid concerns about struggling fuel demand. Additional pressure came from data from the U.S. Energy Information Administration, which showed a steep build in domestic gasoline stockpiles last week and weak consumption."Boehner said there was some progress in the talks, and I think the market has kind of rebounded with some of the new shorts covered," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut.However, he added: "The build in g...

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