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Oil rises on new hope of 'fiscal cliff' resolution
Source: Agencies |
December 18, 2012, Tuesday
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THE price of oil finished higher yesterday as political leaders in Washington appear closer to a resolution in critical budget negotiations.
President Barack Obama and House Speaker John Boehner met at the White House yesterday in hopes of making more progress toward avoiding the "fiscal cliff," a combination of spending cuts and tax increases that go into effect on Jan. 1.
The meeting came after Boehner on Friday offered to raise taxes on some wealthy earners - but only if Obama agrees to cuts in benefit programs.
Benchmark crude rose 47 cents to close at US$87.20 a barrel on the New York Mercantile Exchange.
Brent crude, which is used to price international varieties of oil, fell 54 cents to US$107.64 on the ICE Futures Exchange in London.
Prices at the pump dropped 4 cents over the weekend to an average of US$3.25 a gallon (85 cents a liter), the lowest level this year.
In other energy futures trading on the Nymex:
- Heating oil fell 2 cents to US$2.96 a gallon.
- Natural gas rose 4 cents to US$3.36 per 1,000 cubic feet, its first gain in 8 trading sessions.
- Wholesale gasoline fell less than a penny to close at US$2.65 a gallon.
President Barack Obama and House Speaker John Boehner met at the White House yesterday in hopes of making more progress toward avoiding the "fiscal cliff," a combination of spending cuts and tax increases that go into effect on Jan. 1.
The meeting came after Boehner on Friday offered to raise taxes on some wealthy earners - but only if Obama agrees to cuts in benefit programs.
Benchmark crude rose 47 cents to close at US$87.20 a barrel on the New York Mercantile Exchange.
Brent crude, which is used to price international varieties of oil, fell 54 cents to US$107.64 on the ICE Futures Exchange in London.
Prices at the pump dropped 4 cents over the weekend to an average of US$3.25 a gallon (85 cents a liter), the lowest level this year.
In other energy futures trading on the Nymex:
- Heating oil fell 2 cents to US$2.96 a gallon.
- Natural gas rose 4 cents to US$3.36 per 1,000 cubic feet, its first gain in 8 trading sessions.
- Wholesale gasoline fell less than a penny to close at US$2.65 a gallon.
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