Contact Us

Oil Rises on Hopes of Avoiding ‘Fiscal Cliff’

Gasoline pumps are seen a Shell filling station
(Photo by Tim Boyle/Getty Images)

NEW YORK (AP) – The price of oil is up by more than $2 a barrel on optimism that a deal to avert a so-called fiscal cliff will be reached before year’s end.

Benchmark crude is up $2.08, or 2.4 percent, to $88.57 just after 10 a.m. in New York.

Treasury Secretary Timothy Geithner is meeting with congressional leaders Thursday, a day after President Barack Obama and Republican House Speaker John Boehner said that negotiations are progressing.

Wall Street is up on the news as well as well.

If no deal is reached, a series of tax increases and spending cuts will land simultaneously in January.

Also Thursday, the Commerce Department raised its estimate for U.S. economic growth. Any sign the economic recovery is picking up would be a catalyst for energy prices.

More US & World News

Copyright 2012 by The Associated Press. All rights reserved. Material may not be redistributed.

Best of KSOO-AM

Recommended For You

Around the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to http://ksoo.com using your original account information.

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for KSOO VIP Club quickly by connecting your Facebook account. It's just as secure and no password to remember!