News from across the continent
28/12/2012 09:05:49 AM
27/12/2012 04:21:21 PM
27/12/2012 08:07:26 AM
27/12/2012 07:52:16 AM
26/12/2012 01:45:59 PM
26/12/2012 07:44:24 AM
26/12/2012 06:51:33 AM
24/12/2012 01:55:03 PM
Publish Date28/12/2012 09:05:49 AM
Last Update28/12/2012 09:22:34 AM
Commodity markets are facing sideway pressures at the end of the week, as focus remains on the U.S. budget talks to stave off a new economic crisis in the world`s largest economy.
As of 08:38 GMT, WTI Crude oil for February delivery fell 0.21 percent to $91.15 a barrel in a spiritless trade, spot Gold was little changed at $1,660.50 an ounce on Friday.
The so-called fiscal cliff is only four days away from now and so far the White House and Congress have failed to reach an agreement to avert a fiscal crisis before next week.
U.S. President Barack Obama meets congressional leaders at the White House later on Friday in a serious attempt to stoke negotiations to prevent the U.S. from slipping back into recession.
$600-billion blend of sharp tax hikes and spending cuts are pending to bombard the world`s largest economy on Jan. 1 unless lawmakers prevent the U.S. from falling off the cliff.
Oil traders are expecting a last-minute deal on the fiscal cliff amid lingering concerns about a possible supply disruption in the Middle East amid growing geopolitical tensions.
Meanwhile, the major focus is already in West and precisely in the world`s largest economy facing a looming threat of recession if no action was taken to go over the cliff.
Uncertainty is taking control of the broad market which is running out of volumes as well before the New Year`s Holiday. Still, commodities are trading on the U.S. fiscal cliff!
Accordingly, prices may find support should U.S. budget talks turn fruitful before the New Year`s Eve, however further stalemate in negotiations should keep prices under pressure.
Opinions expressed at ICN.com are those of the individual authors and do not necessarily represent the opinion of ICN.com or its management, shareholders, affiliates and subsidiaries. ICN.com has not verified the accuracy of any claim or statement made by any independent writer and is reserved as their own and ICN.com is not accountable for their input. Any opinions, news, research, analysis, prices or other information contained on this website, by ICN.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. ICN.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. The data contained on this website is not necessarily real-time or accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market prices, meaning prices are indicative and not appropriate for trading purposes. ICN.com does not bear any responsibility for any trading losses you might incur as a result of using this data.
©2012 ICN.COM. ALL RIGHTS RESERVED