Oil Rises on Optimism for Cliff Deal

From Fox Business

By Dunstan Prial

Optimism that President Obama and Congress will hash out a budget deficit deal before the January 1 fiscal cliff deadline pushed oil prices higher Wednesday.

The price of a barrel of oil rose more than 2% in morning trading, jumping sharply after a report that an active terrorist cell was broken up by authorities in the United Arab Emirates.

Crude oil for February delivery rose $2.14, or 2.4%, to $90.75 on the New York Mercantile Exchange. Futures climbed to $91.30, hitting their highest price in two months.

The White House said President Obama left his Hawaiian vacation early to return to Washington to help negotiate a deal that will stave off more than $600 billion in tax increases and budget cuts set to go into effect after Jan. 1.

Administration officials offered little in terms of what the president may offer Republicans who oppose any new tax increases to help offset the massive U.S. deficit.

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