Crude weakens driven by lack of progress in US budget talks

04 December 2012 13:47  [Source: ICIS news]

LONDON (ICIS)--Crude oil futures weakened on Tuesday amid a lack of progress in US budget talks and concerns over the impact on the global economy.

By 13:30 GMT, the front-month January ICE Brent contract had touched an intra-day low at $109.55/bbl, a loss of $1.37/bbl compared with Monday's close. The contract then edged a little higher to trade around $109.65/bbl.

At the same time the front-month January NYMEX WTI contract was trading around $88.05/bbl, having touched an intra-day low earlier at $87.96/bbl, a loss of $1.13/bbl compared with the previous settlement.

By: Kawai Wong
+44 20 8652 3214

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