Crude Breaks Above 90 as Obama Agrees to Extend Tax Cuts

WTI crude oil price broke above 90, the first time since October 2008, after US President Barack Obama agreed to extend tax cuts. The front-month WTI contract surged to 90.37 while other commodities also strengthened as investors expect the decision will boost economic recovery. Copper surged to a record high although the strike in Chile's Collahuasi Copper Mines is coming to an end and Chinese rate hike is imminent. Precious metals remained strong with gold climbing to as high as 1429.6 and silver 30.54.

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Crude Breaks Above 90 as Obama Agrees to Extend Tax Cuts