See More

Oil prices up in Asia

Dec 05 2012 07:59
Oil barrel

Oil barrel (Picture: Shutterstock )

Related Articles

Oil falls on US data, fiscal cliff woes

Oil prices up on Middle East fears

Oil prices lower in Asian trade

Oil prices bounce back

Oil prices mixed in Asian trade

Oil rises towards $112 on growth revival


Singapore - Oil prices were higher in Asian trade on Wednesday but sentiment was weighed by uncertainty over untangling a gridlock in US budget talks.

New York's main contract, light sweet crude for delivery in January was up 17 cents to $88.67 a barrel in the morning, while Brent North Sea crude for January climbed eight cents to $109.92.

Markets have been on the edge for weeks due to the budget impasse in Washington.

Analysts fear the US economy - a key engine for global growth - will lurch back into recession if no deal is reached between the Republicans and Democrats to avert the year-end "fiscal cliff" of significant tax increases and spending cuts.

"We continue to think that more pressure is needed for both parties to reach a solution. That is why we do not expect to get better visibility on the shape of a potential deal until much closer to the end of the year," Dutch bank ABN Amro said in a market note.

Markets are also waiting for the release of the weekly report on US oil supplies, a closely watched set of data seen as a barometer of demand in the world's biggest crude-oil consuming country, other analysts said.

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
Add your comment
Comment 0 characters remaining

Company Snapshot

We're talking about:


There are no formal training requirements for becoming a beautician in South Africa. But it is highly recommended you complete a course in beauty therapy.

Money Clinic

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

Voting Booth

SA’s new visa regulations are:

Previous results · Suggest a vote