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



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