Crude oil mixed in Asia on US fiscal cliff worries

PTI Updated - March 12, 2018 at 03:47 PM.

Crude oil prices were mixed in thin Asian trade today on continued uncertainty on whether a deal to avert the US fiscal cliff could be reached by the year-end deadline, analysts said.

New York’s main contract, light sweet crude for delivery in February slid 10 cents to $90.88 a barrel while Brent North Sea crude for February delivery added 14 cents to $111.21.

Crude oil was “consolidating” after the previous day’s large gains which saw prices soar more than $2, said Jason Hughes, head of premium client management for IG Markets Singapore.

“Trade remains thin and the main focus is on US budget talks,” he told AFP.

Republicans and Democrats remained deadlocked even as US President Barack Obama cut short his Christmas holiday and flew back to Washington to attempt to broker an 11th-hour deal.

US Treasury Secretary Timothy Geithner also warned late Wednesday in a letter to Senate Majority Leader Harry Reid that the government will reach its 16.39-trillion-dollar debt limit—a Congress-imposed ceiling—on Monday.

Geithner also said that if the White House and US lawmakers fail to agree on a budget compromise to prevent the economy plunging over the “fiscal cliff”, also due on December 31, then he could not be sure when the money would dry up.

Published on December 27, 2012 05:47