Crude futures gain on US 'fiscal cliff' deal

02 January 2013 15:18  [Source: ICIS news]

LONDON (ICIS)--NYMEX light-sweet crude oil futures gained more than $2.00/bbl on Wednesday as the US passed a bill to prevent automatic tax rises and public spending cuts.

By 14:30 GMT, the front-month February NYMEX WTI contract had touched an intra-day high at $93.87/bbl, a gain of $2.05/bbl compared to the previous settlement. The contract then edged lower to trade around $93.50/bbl.

At the same time, the front-month February ICE Brent contract was trading around $112.70/bbl, having touched an intra-day high at $112.90/bbl, a gain of $1.79/bbl.

US lawmakers passed a bill to avert the so-called “fiscal cliff”, preventing automatic tax rises and public spending cuts which could have pushed the US economy back into recession. 


By: Kawai Wong
+44 20 8652 3214



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