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After 'fiscal cliff' party, commodity prices slip

Published on NewsOK Modified: January 3, 2013 at 4:21 pm •  Published: January 3, 2013
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Commodity prices slipped across the board Thursday as investors' enthusiasm for the "fiscal cliff" compromise waned. Prices were down for a diverse variety of commodities, including gold, oil and corn.

Commodities followed the stock market, which had also slipped by mid-afternoon after a red-hot performance Wednesday. At that time investors were relieved that Republicans and Democrats had managed to work out a budget deal to at least temporarily ward off automatic tax increases and government spending cuts.

By Thursday, though, investors were less sure. The compromise still leaves unanswered many key questions about the budget. Also, in the middle of the afternoon the Federal Reserve released minutes from its last meeting showing that its policymakers are split over how long to continue a bond-purchasing program meant to stimulate the economy.

Prices for oil and other energy commodities were also down. In New York, benchmark crude for February delivery fell 20 cents to $92.92 per barrel. In London, Brent crude, which is used to price international varieties of oil, fell 33 cents to $112.14 per barrel.

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