Markets

Commodities Pressured as Fiscal Cliff Vote Cancelled

Recovery in commodities proved to be short-lived. Crude oil price slipped in Asian session with the front-month WTI contract dropping to 88.93 from yesterday's close of 90.13 while Brent crude fell to as low as 109.39 after settling at 110.2 Thursday. Gold price remained under pressure with the benchmark Comex contract losing -1.31% to close at 1645.9. Sentiment was dampened as the GOP cancelled a vote on Plan B, a Republican proposal that would raise tax on income of US$1M or above per year.

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

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