The price of benchmark crude for February delivery fell 43 cents to $92.66 per barrel on the New York Mercantile Exchange on news that the U.S. Federal Reserve may not sustain its stimulus program much longer.
The December jobs report showed the economy added 155,000 jobs last month and the unemployment rate ticked up to 7.8%. According to various consensus estimates, economists were expecting between 150,000 to 160,000 jobs added and a 7.7% unemployment rate.
With the fiscal cliff agreement safely finished, many U.S. investors now believe that smooth sailing lies ahead for U.S. equity markets.
In a move that aided overseas stock markets, President Obama and enough House Republicans that matter put together a deal to avert the fiscal cliff.
With President Obama and Congress running out of time to act against the fiscal cliff, global markets seem bound and determined not to react too strongly.
As we exit 2012, the euro has risen against the dollar, Greece has moved back from the precipice and bond yields in Spain, Italy and Greece have fallen.