NEW YORK: ARAB NEWS
Published — Tuesday 1 January 2013
Last update 1 January 2013 12:39 am
Brent crude futures closed in on a record full-year average daily price for 2012 last night, even with oil prices mixed in choppy trading as uncertainty about a US budget deal to avert mandated spending cuts and tax hikes continued to buffet markets.
Brent crude futures were on pace to post a fourth consecutive full-year gain, though the rise of nearly 3 percent in 2012 will lag considerably the 13.3 percent rise in 2011.
US crude edged higher yesterday in morning trading in New York, but was on tap to end the year more than 8 percent lower from its 2011 finish, after three straight yearly gains.
Brent February crude dipped 18 cents to $ 110.44 a barrel at 1554 GMT, heading for a third straight lower settlement, having fallen to $ 109.38 before pushing back above the 200-day moving average of $ 109.88.