LONDON, Dec 17: Oil prices traded mixed on Monday as investors focused on the budget deadlock in the US, the world's biggest consumer of crude.

New York's main contract, light sweet crude for delivery in January rose 67 cents to $87.40 a barrel.

Brent North Sea crude for February delivery dropped 10 cents to stand at $108.08 a barrel in late London deals.

“There have been two significant developments over the weekend which could impact on oil prices this week,” said analyst Tamas Varga at PVM oil brokers.

“The tragedy in Connecticut in which 20 children and six adults were shot by a 'rogue' gunman could, perhaps, speed up fiscal cliff discussions and encourage Democrats and Republicans to... forgo bickering at a time of national mourning,” he wrote in a note to clients.—AFP