US WTI crude falls $1.47 on fiscal-cliff fears

21 December 2012 21:47  [Source: ICIS news]

HOUSTON (ICIS)--West Texas Intermediate (WTI) for February delivery fell by $1.47/bbl on Friday, settling at $88.66/bbl ahead of the weekend, as markets dropped on diminishing hopes that US policymakers would find a resolution to the so-called fiscal cliff before the end of the year.

The package of drastic spending cuts and tax hikes could send the US back into recession, dampening demand for crude.

February Brent crude closed the day at $108.97/bbl, down by $1.23, also driven by economic concerns.

By: Ken Fountain

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly