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NYMEX-Oil Slips Below $93 as US Fiscal Deal Euphoria Fades

Source: Reuters 1/3/2013, Location: North America

U.S. crude futures fell below $93 a barrel, after rising to the highest in more than three months as the U.S. Congress approved a deal to prevent tax hikes and spending cuts that had threatened economic growth.

Fundamentals
* U.S. crude for February delivery fell 39 cents to $92.73 a barrel by 0003 GMT. The contract rose more than 1 percent to settle at $93.12, the highest closing price since September, as global markets cheered on the U.S. fiscal deal.
* Brent crude settled at $112.51 a barrel.
* U.S. commercial crude oil stockpiles likely fell last week due to lower imports as refiners drew down inventories for year-end tax purposes, a preliminary Reuters poll of eight analysts showed.
* The American Petroleum Institute (API) will release its report, delayed due to the New Year day's holiday. The U.S. government's Energy Information Administration (EIA) will issue its data.
* Enterprise Products Partners said that it restarted a crude oil gathering pipeline in Oklahoma on Monday, hours after the line leaked 1,000 barrels of oil.
* More crude from state-owned top producer Rosneft kept Russian oil output the highest in the world last year, ahead of Saudi Arabia, Energy Ministry data showed.

Markets News
* Global stocks jumped 2 percent or more and commodities rallied after U.S. legislators struck a deal to halt a round of automatic fiscal tightening that threatened to push the world's largest economy into recession.
* Manufacturing in the United States and China grew in December, suggesting the global economy was on course for moderate growth this year, even as the euro zone looked set to sink deeper into recession.
* President Barack Obama and congressional Republicans face even bigger budget battles in the next two months after the hard-fought 'fiscal cliff' deal.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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