• 
• See all for International Business Times
• View Print Version

• Fundamental Oil Report ()
• Alpari Grain Outlook 12/07
• UN FAO calls for sustained investment in global agriculture

Commodities slumped Tuesday as the White House rejected Republicans' budget proposal which might save $2.2 trillion. The plan involves cutting half the revenue increases and doubling the reduction in healthcare that Obama's administration proposed. The deadlock raised concerns that the fiscal cliff problem would not be resolved before the year-end and would lead to recession in the world's largest economy. In the Eurozone, financial ministers might discuss at the EU meeting on December 13 about the bailout fund to Cyprus. 10B euro out of the rumored 17B euro would be for bank recapitalization. Crude oil plunged with the front-month contract for WTI and Brent crude oil contracts losing -0.66% and -0.97% respectively. Gold plummeted to a 1-month low of 1692.6 before settling at 1695.8, down -1.47%.

Read More on International Business Times

Related Commodities Articles

• 
  Gold's Big Post-Close Drop Tested a Big Target
  6/19/2013 05:36 PM
• 
  Market Wrap for Wednesday, June 19: Stocks Plunge as Federal Reserve Discusses Pulling Back Stimulus
  6/19/2013 04:26 PM
• 
  Closing Update: Traders See End To Fed Stimulus Following FOMC, Bernanke Statements, Sending Stocks Lower
  6/19/2013 04:10 PM