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Commodities trade on the fiscal cliff before weekend

Publish Date28/12/2012 09:05:49 AM

Last Update28/12/2012 09:22:34 AM

Commodities trade on the fiscal cliff before weekend

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.


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