Crude Oil – “Fiscal Cliff” Concerns Send Oil Tumbling
The price of crude oil fell more than $2 a barrel during the first half of the day on Friday, following a breakdown in US budget negotiations that resulted in investors shifting their funds to safe-haven assets. The commodity traded as low as $87.93 during afternoon trading before bouncing back to $88.93 where it closed out the week.
This week, oil traders will want to pay attention to several potentially significant US indicators. Specifically, the New Home Sales, CB Consumer Confidence and Pending Home Sales figures all have the potential to boost oil prices if they come in above their expected levels.
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