The cost of oil rose again, recording a session with the third increase in a row, which was caused by speculation that an agreement on the prevention of automatic spending cuts and tax increases in the near future can be achieved.

Futures rose 0.8%, after U.S. President Barack Obama made a new proposal on the income, and House Speaker John Boehner could still change his opinion on the higher tax rates for certain senior employees, although earlier he denied this Agreement.

Note that the budget submitted by the President of the United States suggests to raise taxes by $ 1.2 trillion and increase tax rates for people who earn more than $ 400,000 a year, compared to $ 250.00, which was previously reported. It is expected that this plan can help reduce federal spending by $ 1.22 trillion.

In addition, many market participants are waiting for tomorrow's report on oil from the Department of Energy. Economists say that is likely to be reported to decrease oil reserves 1.380 million barrels last week, which ended December 14.

January futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 88.02 dollars a barrel on the New York Mercantile Exchange.

January futures price of North Sea petroleum mix of mark Brent rose 80 cents to $ 108.68 a barrel on the London Stock Exchange ICE Futures Europe.

Despite the slight increase for most of the day, the price of gold fell sharply, down with below $ 1700 per ounce.

Note that this trend was due to the tension that was connected with the decision of U.S. lawmakers question of "fiscal cliff." In addition, many investors have decided to reduce their positions in precious metals before the new year.

According to analysts, amid loose monetary policy of the U.S. Federal Reserve, Reserve and other central banks to support prices, as investors are increasingly worried about the decline rates and inflation rise, forcing them to look for other safe assets.

Recall that the price of gold hit its highest level in a month last week after the Federal Reserve announced a new round of monetary stimulus in the form of purchase of treasury bonds in the amount of $ 45 billion a month. But, despite this, a little later fall in prices continued.

Furthermore, economists predict that physical demand from China will increase the eve of Chinese New Year, which is celebrated in February. They also noticed that, as we enter a seasonally strong demand from China, it can support the price of gold up to the beginning of the Chinese New Year.

February futures price of gold on the COMEX fell today to 1693.80 dollars per ounce.

Change % Change Last

Oil $87.35 +0.15 +0.17%

Gold $1,698.10 -0.10 -0.01%