Oil Prices Rise as US Lawmakers Avert ‘Fiscal Cliff’
From The Times of India
Oil prices rose sharply Wednesday after US lawmakers passed legislation to avoid a “fiscal cliff” that would have push the world’s biggest economy into recession.
The US House of Representatives voted near midnight to send the bill to President Barack Obama after a frantic day of political brinksmanship in Washington.
Benchmark oil for February delivery rose 74 cents at midday Hong Kong time to $92.56 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.02 to finish at $91.82 per barrel in New York on Monday.
