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29/11/2012 07:35:04 AM
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Publish Date29/11/2012 07:35:04 AM
Sentiment improved and the outlook of the global recovery brightened after U.S. lawmakers appeared to be getting closer to reach a deal on the worrying “fiscal cliff” which threatens to push world’s largest oil consumer into recession in 2013.
Republican House Speaker John Boehner is optimistic that talks on the tax increases and spending cuts worth $600 billion can avert a budget crisis “sooner rather than later”, while President Barak Obama said he hopes to reach a deal before Christmas.
Global economic recovery will be sustained if U.S. lawmakers will manage to reach a deal. This would brighten the outlook for oil demand; but until then caution will persist, and this is seen in the limited gains that crude saw today.
The Greek debt concerns vanished after European finance ministers and the IMF agreed to release another tranche of loans for Greece, brightening the outlook for the region’s recovery, yet the uncertainties over fuel demand persists.
Although crude rose on Thursday for the first time in four days, it is trading in a tight range as of this writing around the $86.75 per barrel level, with the highest at $86.87 and the lowest at $86.53. Brent is trading at $109.83 after rising 0.29%.
Crude oil also rose after U.S. stockpiles unexpectedly declined. The Energy Department report showed yesterday that crude supplies slid 347,000 barrels last week, although they were expected to climb about 300,000 barrels.
Although worries over the Gaza-Israel offensive faded, the geo-political risks expanded in the Middle East. Protests in Egypt against President Mohamed Mursi’s attempt to grant himself new powers continue, while tensions over Iran were renewed.
Ahead of possible talks with world powers, U.S. and European Union officials said that Iran is trying to develop nuclear weapons; Iran insists that it’s just for civilian purposes, while Israel believes that the missiles that were fired by Hamas were coming from Iran.
Markets are now eyeing the German employment report, euro zone’s confidence data and the U.S.’s pending homes sales, jobless claims, personal consumption and GDP, where the third quarter’s growth is expected to improve in the world’s largest economy.
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