Oil tumbles on fiscal cliff fears, European debt (2)

Ratings agency Fitch also urged Obama to move quickly to avoid the "fiscal cliff."

Meanwhile, the market sentiment was heavily pressured by the coming capital tax hikes which was on Obama's agenda.

To add to pressure, European Central Bank President Mario Draghi Wednesday said the debt crisis is starting to hurt Germany. Investors worried that the region's situation will get worse in the near term.

Large scale of protests continued in Greece after the debt- ridden country's parliament voted on an austerity plan Wednesday. Approval of the plan would help the country secure the 31.5 billion euro bailout fund from international lenders and its presence in the euro zone.

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