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Crude oil fall after EIA report while Gold awaits budget talks results

Publish Date28/12/2012 05:14:14 PM

Last Update28/12/2012 05:22:19 PM

Crude oil fall after EIA report while Gold awaits budget talks results

Crude oil fell on Friday after the Energy Information Administration reported that U.S. commercial crude oil inventories declined by 0.6 million barrels from the previous week, but the main reason behind this pessimsim is the fiscal cliff.

Markets are predominating by uncertainty over the so-called ‘fiscal cliff”, which will go into automatic activation if U.S lawmaker were unable to reach an agreement before Tuesday January 1 2013.

President Barack Obama plans to offer a scaled-back package to avoid some of the effects of tax and spending cuts during his meeting today with John Boehner and Senate Minority Leader Mitch McConnell, and Senate Majority Leader Harry Reid and House Minority Leader Nancy Pelosi.

The EIA report showed that U.S. commercial crude oil inventories decreased by 0.6 million barrels from the previous week. At 371.1 million barrels, U.S. crude oil inventories are well above the upper limit of the average range for this time of year.

Total motor gasoline inventories increased by 3.8 million barrels last week and are above the upper limit of the average range. Distillate fuel inventories increased by 2.4 million barrels last week and remained below the lower limit of the average range for this time of year

Gold settled at its lowest levels since opening due to uncertainty over the budget talks as there are only three-days before the deadline to avoid $600 billion in spending cuts.

Gold fell to trade currently at $1655.29 per ounce compared with its opening level at $1662.15 per ounce recording a high of 1666.16 and a low of $1653.71 per ounce.

As of 11:56 New York Time, Crude oil fall to trade currently at $90.66 per barrel compared with its opening level at $91.64 per barrel recording a high at $91.47 and a low at $90.33 per barrel.

The Dollar Index tracks the performance of the U.S dollar against a basket of other major currencies, such as the Euro, Yen, and the Pound Sterling; the index reached a two week high of 79.93 today, and trading around its opening levels at 79.64, while it reached a low of 79.59 .

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