News Headline Summary

ENERGY WRAP - US Crude futures settle at USD 88.50/BBL, down USD 0.59 or 0.66%

The energy complex settled lower today as WTI and Brent crude futures slipped for a second consecutive day as protracted fiscal cliff negotiations produced a risk off sentiment across the markets. The latest commentary from the budget negotiations in Washington seems to highlight the rift between the two parties and indicates it may be difficult to reconcile their differences and reach a compromise regarding the fiscal cliff. Markets shrugged off unrest in the Middle East after Iran claimed they had captured a US drone flying in its airspace, the US denied the claims. Concern over weakening demand in developed countries also weighed on crude futures, demand concerns increased after the ISM said on Monday its index of U.S. factory activity fell to its lowest since July 2009.

04 Dec 2012 - 19:34 - Energy - Source: RANsquawk

Subscribe Now to RANsquawk

Click here for a 1 week free trial

RANsquawk provides audio news and commentary for over 15,000 professional traders and brokers worldwide. Services include: