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21.12.2012 16:37

The cost of oil fell for the first time in the last six days

Today the price of oil fell for the first time in six days, which was due to fears that U.S. lawmakers will not prevent a financial crisis after Republican leaders canceled a planned vote on higher taxes for the "superior" workers.

Prices have fallen by as much as 2.3% after House Speaker John Boehner rejected the plan, while allowing to consider a higher tax rate for annual incomes over $ 1 million

Analysts noted that oil was growing all week on hopes that the U.S. intends to solve this problem, but now it seems that there is no quick fix. Meanwhile, time is running out, and fears in the market are growing more and more.

Note that members of the House of Representatives and the Senate decided to continue voting after Christmas. Note that to solve the problem they will have less than a week. Meanwhile, to reach an agreement, Boehner should receive sufficient support from the Republicans, and to maintain control over his party, relying on the votes of Democrats who need to take any action.

Recall that the Congressional Budget Office has stated that it is not possible to solve the issue is likely to lead the U.S. economy, which is the largest oil consumer in the world, to the recession in the first half of 2013.

February futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) fell to 88.33 dollars a barrel on the New York Mercantile Exchange.

February futures price for North Sea petroleum mix of mark Brent fell $ 1.49 to $ 108.71 a barrel on the London Stock Exchange ICE Futures Europe.


Market Focus

  • U.S. commercial crude oil inventories decreased by 2.5 million barrels from the previous week
  • Canada: Retail Sales, m/m, November 0.2% (forecast 0.5%)
  • U.S.: Nonfarm Payrolls, January 227 (forecast 175)
  • Eurozone: Consumer Confidence, January -4.9
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