• Growing people

    What is the most powerful way to develop the capabilities of people at work? Ian Mann answers.

  • Wealth and poverty

    True riches would be to create a safe and satisfied community for all South Africans.

  • SABC shenanigans

    SA has already embarked on a slippery slope to autocracy, warns Terry Bell in Inside Labour.

All data is delayed
Loading...
See More

Oil falls on absence of US fiscal deal

Dec 20 2012 07:43
AFP

Singapore - Oil prices dipped in Asia on Thursday with traders growing jittery as Democrats and Republicans remain locked in a stalemate over a deal to resolve the US fiscal cliff, analysts said.

New York's main contract, light sweet crude for delivery in February, dropped 36 cents to $89.62 a barrel in the afternoon and Brent North Sea crude for February dipped 30 cents to $110.06.

Traders were bailing out after days of fruitless talks between rival lawmakers led by US President Barack Obama and House of Representatives Speaker John Boehner, IG Markets said in a report.

"The war of words continues between President Obama and Republican spokesperson Boehner... As time begins to run out, traders get very nervous," the report said.

Obama on Wednesday leaned heavily on Republicans to come to terms on a deficit reduction deal by year's end to avert the sweeping package of tax hikes and spending cuts.

But even as Obama said he and the Republican leadership had narrowed their differences to within "a few hundred billion dollars," the two sides were gridlocked and rejected each other's offers.

Some $600bn in tax hikes and spending cuts will take effect in less than two weeks, with the US economy likely to tip into recession if politicians fail to reach a deal to introduce less painful measures.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

commodities  |  markets  |  oil

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE SAVINGS ISSUE

Saving can make a lot of things possible, but we all know how hard it is to save. This special Savings Issue will help you get focused.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Have you experienced FNB’s outage problem?

Previous results · Suggest a vote

Loading...