LONDON, Dec 31: Crude oil prices fell on Monday as traders’ hopes of a last-minute compromise deal between the US politicians to avert the “fiscal cliff” faded, analysts said.

New York’s main contract, light sweet crude for delivery in February, shed 28 cent to $90.52 a barrel. Brent North Sea crude for Feb slipped 73 cents to $109.89 a barrel in London morning trade. Political deadlock preventing a bipartisan deal hours before the fiscal cliff of sharp tax hikes and spending cuts is due to kick in was depressing markets, said analyst Yang Weiming.

Looking ahead, an already predicted drop in oil demand growth next year risks weighing on high crude prices despite Middle East unrest.

Benchmark Brent crude oil futures have traded around $110 a barrel for the past two months, benefiting major crude producers like Saudi Arabia and Iran while putting a strain on main consumers the US and China.—AFP

More From This Section

ANALYSIS : Hanging regulators by a thread

One of the many legacies inherited by the Nawaz government from the Zardari rule is ‘acting’. Not meaning...

Sindh millers raise flour prices

The rate of flour has been raised to Rs38 per kg from Rs37 per kg, and the prices may go up further in the coming days.

Dar orders framing of agriculture policy

ISLAMABAD: Finance Minister Ishaq Dar on Saturday tasked the Ministry of National Food Security and Research to...

Stamp duty collection up

KARACHI: The Sindh government’s income from stamp duty surged by Rs586 million during July-March 2014 to Rs3.9...

Comments are closed.
Explore: Indian elections 2014
Explore: Indian elections 2014
How much do you know about Indian Elections?
How much do you know about Indian Elections?
Front Page