Oil prices rise ahead of US fiscal-cliff talks

The price of crude rose Friday, following stock markets in Asia higher hours ahead of a last-ditch effort in Washington for political leaders to strike a budget deal before the year-end deadline.

By (AP)

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Published: Fri 28 Dec 2012, 4:26 PM

Last updated: Tue 7 Apr 2015, 11:57 AM

Benchmark crude for February delivery rose 13 cents at late afternoon Bangkok time to $91 per barrel in electronic trading on the New York Mercantile Exchange.

The contract fell Thursday following a reported drop in U.S. consumer confidence and growing pessimism that President Barack Obama and Republican lawmakers will reach a compromise on ways to avoid the so-called fiscal cliff — hundreds of billions of dollars in government spending cuts and tax increases that take effect automatically in 2013 unless lawmakers act.

Hopes that a compromise might be reached were raised after Obama, who cut his Hawaii vacation short, invited congressional leaders to the White House for talks Friday.


More news from