• FULL mini budget speech

    Read the full mini budget speech delivered by Finance Minister Pravin Gordhan.

  • #FeesMustFall reporting

    What are the real issues and whose voices are being suppressed by social media, asks Solly Moeng.

  • Matchmaker businesses

    Multisided platforms can create huge value for society and fortunes for entrepreneurs, says Ian Mann.

All data is delayed
See More

Oil prices dip on profit-taking

Dec 21 2012 07:40

Singapore - Oil prices fell in Asia on Friday, with traders taking profits after a recent rally and as US politicians continue to wrangle over a deal to avert the fiscal cliff, analysts said.

New York's main contract, light sweet crude for delivery in February fell 70 cents to $89.43 a barrel and Brent North Sea crude for February dropped 45 cents to $109.75.

"After a big rally in price over the last few days people are happy to exit and reap a form of profit while taking risk off the table," Jason Hughes, the head of premium client management at IG Markets Singapore said.

"We are also seeing a more cautious approach in Asia just in case US politicians don't come to a resolution to avoid the fiscal cliff."

Crude prices rose earlier in the week on a sharper-than-expected fall in US crude inventories as lawmakers appeared to make headway on a deal to avert the huge tax hikes and spending cuts due to take effect at the start of January.

But talks appeared to hit an impasse when top Republican John Boehner pressed ahead with a controversial "Plan B" that extends tax breaks for everyone earning less than $1m per year.

US President Barack Obama, however, has said he is willing to go no higher than $400 000.

Boehner, who is Speaker of the Republican-controlled House of Representatives, on Thursday scrapped a vote on the plan as he acknowledged that he did not have sufficient support even from within his own party.

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

commodities  |  markets  |  oil


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
Comments have been closed for this article.

Company Snapshot

Money Clinic

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

Voting Booth

Do you use all your downloaded apps on your smartphone?

Previous results · Suggest a vote