Oil Prices Fall Below $86 on Macroeconomic Worries

By Midnight Trader,  November 15, 2012, 03:05:20 PM EDT

Crude oil futures fell Thursday, hurt by worries about weak economic activity in the euro zone and about U.S. tax increases and spending cuts slated to go into effect soon unless Washington can agree to a deal to avoid such moves, MarketWatch reported.

Crude oil for December delivery fell 87 cents, or 1%, to $85.45 a barrel on the New York Mercantile Exchange.

Oil "is getting wrapped up in the so-called risk-off trade that, in turn, is spinning off of [Washington's] fiscal-cliff issue," said Jim Ritterbusch, president of oil advisory firm Ritterbusch and Associates. "So, this is more of a broader-based, macroeconomic selloff."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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