All data is delayed
See More

Oil prices lower in Asian trade

Nov 30 2012 07:40

Singapore - Oil prices eased in Asian trade on Friday as investors took profit from a rise in New York, while markets remain volatile as US lawmakers hold talks on averting the fiscal cliff.

Democrat and Republican lawmakers must reach a deal to cut the country's deficit by the end of the year, when tax rises and spending cuts come into effect and which will likely tip the world's top economy back into recession.

But they made little progress on a compromise after Republicans on Thursday rejected as "ridiculous" and "unreasonable" a proposal by President Barack Obama to raise $1.6 trillion in new taxes.

New York's main contract, West Texas Intermediate (WTI) for January delivery, was down 31 cents at $87.76 a barrel in the morning, and Brent North Sea crude for January dropped 30 cents to $110.46.

WTI had climbed $1.58 and Brent advanced $1.25 in closing deals Thursday.

"Global markets look set to be entering a period of volatility as traders hang on the every word of US lawmakers and their views on on-going fiscal cliff talks," said Jason Hughes, head of premium client management at IG Markets Singapore.

commodities  |  markets  |  oil



Read Fin24’s Comments Policy 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

We're talking about:


Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.

Money Clinic

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

Voting Booth

The 25 basis points interest rate increase is:

Previous results · Suggest a vote