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President Obama told a televised news conference that “my hope is to get this done before Christmas,” referring to a political compromise over the upcoming automatic $600 billion-plus of U.S. tax hikes and spending cuts which investors worry will depress the U.S. economy.
The fiscal cliff refers to the hundreds of billions of dollars of tax increases and spending cuts that will kick in from January unless U.S. politicians reach an agreement to avert the event. President Barack Obama and House Speaker John Boehner voiced optimism Wednesday over an agreement to avert the cliff.
Also supporting oil today is the data which showed that crude supplies fell by 300,000 barrels for the week ended Nov. 23, the Energy Information Administration reported Wednesday. Analysts polled by Platts expected a 500,000-barrel increase.
The American Petroleum Institute reported late Tuesday that crude supplies rose 2 million barrels last week.
Crude-oil futures for January delivery are trading up23 cents at $86.72 a barrel on the New York Mercantile Exchange. Yesterday, it fell 69 cents, or 0.8%, to settle at $86.49 a barrel on the New York Mercantile Exchange. Earlier, they touched a low of $85.36.
Oil fell yesterday, for third straight session as fiscal-cliff and Greek-debt woes helped feed demand concerns, but prices finished off their lows of the day following an unexpected decline in last week’s U.S. crude supplies.
MCX December crude oil futures may open today’s session near Rs 4831 levels with resistance near Rs 4870 levels.
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