Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Oil prices fall in absence of 'fiscal cliff' deal  Join our daily free Newsletter

MENAFN - AFP - 22/12/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - AFP) Oil prices fell on Friday amid worries that Washington will not act in time to stop the United States from going over the "fiscal cliff" by an end-of-year deadline.

New York's main contract, West Texas Intermediate (WTI) for February delivery, fell 1.47 cents to settle at 88.66 a barrel.

Brent North Sea crude for February delivery dipped 1.23 to close at 108.97 a barrel in London trade.

The United States risks falling off the so-called fiscal cliff in the absence of a political compromise to avert a series of tax hikes and spending cuts from taking effect in January.

Experts say going over the cliff could push the world's biggest economy back into recession.

Investors have "real fear of the potential to go off the fiscal cliff," said Robert Yawger of Mizuho Securities USA.

If investor concern mounts "the stock market could slide rather aggressively," he said, adding that he believed crude "will be at the mercy of the equity market."

Crude prices rose earlier in the week on a sharper-than-expected fall in US crude inventories and as lawmakers appeared to make headway on a compromise.

Late Thursday, however, a Republican plan to let tax breaks expire on US millionaires collapsed when it failed to earn enough party support, leaving talks up in the air.

The tax bid, presented by top Republican John Boehner, was part of an overall offer to President Barack Obama that would raise some 1 trillion in tax revenue -- mostly through closing loopholes and ending certain deductions -- and another 1 trillion in spending cuts, including slashes to some entitlements like Medicare.

Republican leaders said Friday they were not walking away from negotiations. Still, a compromise remains elusive.


 






  MENA News Headlines


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help