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Oil rises above US$102 on US Senate debt deal
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The price of oil rose 1 percent yesterday as the US Senate announced a deal that would avoid a potentially catastrophic default on its debt and reopen the government.
US benchmark crude for November delivery rose US$1.08, or 1.1 percent, to close at US$102.29 a barrel on the New York Mercantile Exchange.
Brent crude's December contract, the benchmark used to set prices for international crudes, gained 90 cents to US$110.86 on the ICE Futures exchange in London.
Senate leaders announced a last-minute agreement to avert a threatened Treasury default and reopen the government after a partial, 16-day shutdown. The deal would reopen the government through Jan. 15 and increase the nation's borrowing authority through Feb. 7. Congress raced to pass the measure by day's end.
Republican Sen. Ted Cruz, who helped force the government shutdown, said he won't delay a vote on the budget deal. That was a key concession that signaled a strong possibility that both houses could act by day's end.
The price of oil has swung back and forth for two weeks as lawmakers attempted to resolve an impasse that has left markets worried about the US defaulting on its debt for the first time.
Government agencies, including the Energy Information Administration, which keeps track of US crude and fuel supplies, have stopped many services.
In other energy futures trading on Nymex:
— Wholesale gasoline rose 4 cents to US$2.70 a gallon.
— Natural gas fell 2 cents to US$3.77 per 1,000 cubic feet.
— Heating oil gained 2 cents to US$3.04 a gallon.
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