Oil prices have dropped significantly

Price of oil futures has fallen by 1% today, departing from the maximum values ​​for the last two weeks, as concerns about the economy in general returned oil back into its latest trading range.

Note that the price of oil fell from a level of $ 90 a barrel, leading some analysts to conclude that the decline are technical factors. Also, they stated that the failure to hold above $ 90 on Monday confirmed the technical figure "thorn", which implies that prices should fall.

Recall that in the past month, futures for West Texas Intermediate crude oil prices have seen a slow but steady increase from $ 84 to a maximum of about $ 90. But fears that the U.S. economy may be significantly affected by the failed negotiations related to "budget cliff" reduces the likelihood of further growth.

Note that after the U.S. presidential election, oil traders are turning their attention to the negotiations related to the resolution of the problem of "fiscal cliff." But in recent days, oil prices rose significantly, as it was reported that Republicans and Democrats are far from accepting the deal.

Also on this momentum influenced statements from analysts JP Morgan, who said that the demand for oil could fall to 580,000 barrels per day in 2013, compared to the earlier estimate of 1.2 million barrels per day, if the U.S. can not avoid the "financial failure."

January futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) fell to 88.40 dollars a barrel on the New York Mercantile Exchange.

January futures price of North Sea petroleum mix of mark Brent fell $ 1.03 to 109.84 dollars a barrel on the London Stock Exchange ICE Futures Europe.