crude futures edged up to around $89 a barrel on Wednesday, but gains were capped by uncertainty over whether the United States will avoid a fiscal crisis, which could hit demand in the

world’s top consumer of oil. Asian buyers are expected to cut down oil imports from Iran in order

to go along with US sanctions. This would pressurize Iran and we could see some resolution. Iran’s

major  exports goes  to China, South Korea, Japan and India. Outlook:  Crude is expected to expected to  trade with negative bias  and later on take cues from US economic data( S&P Home

prices Index & Richmond manufacturing Index) and US fiscal cliff.WWW.MTECHTIPS.COM


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