Brent crude ended the year at US$110 a barrel as investors worried the US may not reach an agreement over the fiscal cliff as Democrats and Republicans remain at loggerheads. This will lead to sharp spending cuts and higher taxes for all Americans due to start taking effect on January 1.
Front-month Brent is set to log a record high average settlement price at more than US$111 a barrel this year. Supply worries stemming from Middle East tension and disruptions in the North Sea have helped oil prices shrug off headwinds from a global economic slowdown that has cut oil demand.
02-Jan-13 
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