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Oil rises as 'fiscal cliff' talks resume
Source: Agencies |
November 10, 2012, Saturday
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Online Edition
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The price of oil rose yesterday as US legislators began postelection talks on how to avoid the so-called fiscal cliff, and a report showed Americans' view of the economy is improving.
Benchmark crude rose 98 cents to finish at US$86.07 a barrel in the New York Mercantile Exchange.
President Barack Obama said he invited congressional leaders of both parties to the White House next week to start negotiations on backing away from the "fiscal cliff" of tax increases and automatic spending cuts that would take effect in January. Republicans and Democrats agree that could cripple the economy and reverse the fragile recovery from the Great Recession.
Obama repeated his promise to reject any approach to deficit reduction that doesn't tap the wealthy to pay more in taxes. Republicans still say that raising tax rates on rich Americans is a deal-killer.
Also yesterday the Thomson Reuters/University of Michigan consumer sentiment index showed that Americans feel better about the state of the US economy than at any point in the last five years.
Brent crude, used to price international varieties of oil, rose US$2.15 to end at US$109.40 a barrel on the ICE Futures exchange in London.
Among other energy futures on the New York Stock Exchange:
--Heating oil rose 5 cents to finish at US$3.01 a gallon.
--Wholesale gasoline rose 9 cents to end at US$2.70 a gallon.
--Natural gas slipped 11 cents to finish at US$3.50 per 1,000 cubic feet.
Benchmark crude rose 98 cents to finish at US$86.07 a barrel in the New York Mercantile Exchange.
President Barack Obama said he invited congressional leaders of both parties to the White House next week to start negotiations on backing away from the "fiscal cliff" of tax increases and automatic spending cuts that would take effect in January. Republicans and Democrats agree that could cripple the economy and reverse the fragile recovery from the Great Recession.
Obama repeated his promise to reject any approach to deficit reduction that doesn't tap the wealthy to pay more in taxes. Republicans still say that raising tax rates on rich Americans is a deal-killer.
Also yesterday the Thomson Reuters/University of Michigan consumer sentiment index showed that Americans feel better about the state of the US economy than at any point in the last five years.
Brent crude, used to price international varieties of oil, rose US$2.15 to end at US$109.40 a barrel on the ICE Futures exchange in London.
Among other energy futures on the New York Stock Exchange:
--Heating oil rose 5 cents to finish at US$3.01 a gallon.
--Wholesale gasoline rose 9 cents to end at US$2.70 a gallon.
--Natural gas slipped 11 cents to finish at US$3.50 per 1,000 cubic feet.
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