NEW YORK (AP) — The price of oil wavered between small gains and losses Thursday afternoon as traders balanced concerns over an apparent impasse in Washington's critical budget negotiations with enthusiasm over steps taken to boost the slow-growing economy.

President Barack Obama and Republican leaders don't appear to be close a deal to avert the so-called fiscal cliff before year's end. Without an agreement, hundreds of billions of dollars in tax increases and government spending cuts will automatically take effect in January.

Optimism surrounding the Federal Reserve's latest move to boost the U.S. economy drove oil higher when it was announced Wednesday. Any sign of an improving economy could spur energy demand.