Black gold is fading its weekly gain on concerns that politicians in the US will not reach any decision over the fiscal cliff and as result, the US economy will slip back into recession. Crude oil is, however, supported by signs of recovery in the US economy as data in the US on Thursday about job loss came better than expected. Japan, the third biggest consumer of oil is also providing further support to crude oil prices where optimism exists about further QE to stimulate the economy.
Oil supply disruptions were renewed after security forces from the United Arab Emirates arrested a person who was planning an attack in UAE and Saudi Arabia.
Crude oil inventories are due today at 16:00 GMT where forecast is for -1.6M and previous reading was -1.0M.
Technical Analysis
Key levels Comment
93.5** Fibonacci projection
92.95** Intraday resistance
92.15** Intraday resistance
91.42 Last
90.05** Intraday pivot point
89.35** Horizontal support
88.05** Horizontal support
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By Naeem Aslam
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Crude Oil Falls On Fiscal Cliff Concerns
Published 12/30/2012, 01:57 AM
Updated 02/02/2022, 05:40 AM
Crude Oil Falls On Fiscal Cliff Concerns
Fundamental Analysis
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