Oil Settles Lower as Debt Woes Take Spotlight: Report

By Midnight Trader,  December 13, 2012, 03:13:59 PM EDT

Crude oil futures settled lower Thursday, giving back nearly all of the previous session's Federal Reserve-induced gains as debt woes in the U.S. and U.K. took the spotlight, MarketWatch reported.

January crude oil fell 88 cents, or 1%, to settle at $85.89 a barrel on the New York Mercantile Exchange. It added 1.1% Wednesday.

Oil market "sentiment was hurt," said Fawad Razaqzada, technical analyst at GFT Markets, after U.S. House Speaker John Boehner reiterated that "serious concerns" remained about the fiscal cliff, and as Standard & Poor's Ratings Services cut its outlook on the U.K.'s credit rating to negative.




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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