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

Oil prices jump ahead of renewed 'fiscal cliff' talks  Join our daily free Newsletter

MENAFN - AFP - 26/12/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - AFP) Oil prices jumped Wednesday as President Barack Obama headed back to Washington for a last-ditch attempt to secure a "fiscal cliff" deal with Republicans ahead of a year-end deadline.

New York's main contract, West Texas Intermediate (WTI) for February delivery, gained 2.37 to settle at 90.98 a barrel, its highest level in almost ten weeks.

Brent North Sea crude for February delivery climbed 2.27 to 111.07 a barrel in London trade.

With the clock ticking, Obama and Congress are under increasing pressure to hammer out a compromise to avoid looming tax hikes and deep, mandated spending cuts that are slated to take effect next month.

Experts warn that going over the so-called fiscal cliff could plunge the United States economy back into recession. And that could hurt oil demand in the world's biggest consumer of crude.

"Hopes for progress have been fueled by President Obama's early return from his family vacation in Hawaii," said Lisa Finstrom of Citi Futures and OTC Clearing.

If investors believe that Democrats and Republicans can reach agreement, that works in favor of crude prices "as the chances for recession decrease," said James Williams of WTRG Economics.

Aside from Obama's return to Washington, Williams said other factors impacting the market in post-Christmas activity included thin trades and, to some extent, developments in Iraq.

Oil exports from the Middle East nation's autonomous Kurdistan region via the federal government have been slashed in the latest chapter of a long-running payments row, a spokesman said earlier Wednesday.

Baghdad and Arbil are at odds over issues including Kurdistan's refusal to seek approval from the central government for oil contracts it has awarded to foreign firms, and over a swath of disputed territory in northern Iraq.


 






  MENA News Headlines


 
Click to Apply






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