Crude futures down ahead of US budget deadline

31 December 2012 12:30  [Source: ICIS news]

SINGAPORE (ICIS)--Brent crude futures fell by more than $1/bbl on Monday amid heightened worries over the ability of lawmakers to reach an agreement on the US budget before 1 January deadline.

At 11:56 GMT, February Brent crude on London’s ICE futures exchange was trading at $109.63/bbl, down by 99 cents/bbl from the previous close. Earlier, the North Sea benchmark fell to a session low of $109.38/bbl, down by $1.24/bbl.

February NYMEX light sweet crude futures (WTI) were trading at $90.31/bbl, down by 49 cents/bbl from the previous close. Earlier, the US benchmark fell to a session low of $90.18/bbl, down by 62 cents/bbl.

Talks held on Sunday between the Democratic and Republican Congressional leaders ended with no agreement.

There are concerns that a failure to reach an agreement on the US budget could push the world’s largest economy back into recession.


By: James Dennis
+65 6780 4327



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