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20.12.2012 16:43

Oil prices fluctuate amid concerns related to the "budget cliff"

The cost of oil fluctuates, as many investors are concerned about the budget negotiations that the U.S. can not oppose the better-than-expected economic growth in the major consumer of oil in the world.

Futures fell 0.8% on speculation that efforts to prevent so-called "financial cliff", which results in an increase of taxes and spending cuts, deteriorating. Also released today data from the Commerce Department showed that the U.S. economy grew by 3.1% in the third quarter, which was much more than the most optimistic forecast. Recall that according to the preliminary assessment of the U.S. economy expanded by just 2.7%.

At the same time, another report showed that the index of U.S. leading indicators declined in November, pointing to a slowdown in the economy at the beginning of next year, as companies reduce the amount of investment. Note also that the index, which assesses the prospects for the next three to six months, fell by 0.2%, after a revised 0.3% gain in October that was more than initially reported.

Other reports showed that manufacturing in the Philadelphia region unexpectedly rose to an eight-month high, while nationwide sales in the secondary market rose in November to a three-year high.

February futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) fell to 89.56 dollars a barrel on the New York Mercantile Exchange.

February futures price for North Sea petroleum mix of mark Brent fell 9 cents to $ 110.00 a barrel on the London Stock Exchange ICE Futures Europe.


Market Focus

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