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US fiscal cliff

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The rise in price of oil and improved stocks in the US on Friday was more than five years, owing to the sentiment of the consumers, exceeding concerns that the US fiscal cliff and the financial woes of Europe may result in global recession. The improved stocks in the US later had to cut down on gains following the declaration by US President Barack Obama that in order to handle any sort of deal with the Congress to prevent fiscal crisis needs to come with greater taxes levied on the richest Americans.

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Friday, November 2, saw a fall in crude oil and international stocks even after the publication of a US report on employment for the month of October which surpassed expectations as shareholders looked beyond the upcoming presidential elections next week to the impending US fiscal cliff.

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