Oil prices were up in post-Christmas Asian trade on December 26 as traders warily eyed the soon-to-resume US budget talks on a deal to avert the fiscal cliff, analysts said. New YorkÂ’s main contract, light sweet crude for delivery in February rose 46 cents to $89.07 a barrel and Brent North Sea crude for February gained 55 cents to $109.35.
US budget discussions were once again the ‘main focus of attention,’ said Jason Hughes, head of premium client management for IG Markets Singapore. Lawmakers are set to return to the negotiating table after Christmas holidays in a last ditch effort to reach a deal to avert the so-called cliff, a series of steep tax hikes and spending cuts due to take effect in January.
Experts warn that going over the cliff could plunge the worldÂ’s biggest economy back into recession.
Leave a Reply
You must be logged in to post a comment.