• Thinking strategically

    Do policymakers actually consider improving trade performance, asks Geoffrey Chapman.

  • Power problems

    It's an iron law: no electricity, no modern economy, says Leopold Scholtz.

  • M2M money train

    SA's biggest mobile operators have found a new revenue stream, says Gugu Lourie.

Data provided by iNet BFA
Loading...
See More

Oil prices up on US fiscal hopes

Dec 18 2012 07:43 AFP
Oil barrel

Oil barrel (Picture: Shutterstock )

Related Articles

Oil up on China demand hopes

Oil lower on supply glut fears

Oil curbs spark new rivalry

Oil prices climb higher

Oil up on expectations of US stimulus

Oil up on hopes for positive China data

 

Singapore - Oil prices rose in Asia on Tuesday, with hopes rising of a US deal to avert the fiscal cliff after a meeting between President Barack Obama and top Republican lawmaker John Boehner, analysts said.

New York's main contract, light sweet crude for delivery in January rose 37 cents to $87.58 a barrel and Brent North Sea crude for February delivery advanced 63 cents to $108.25.

News that Democrats and Republicans were making progress on a deal to avoid tax hikes and spending cuts from kicking in at the beginning of January provided a boost, IG Markets said in a report. If the measures are allowed to take effect analysts warn the US economy will likely tip into recession.

"A glimmer of hope of developments in the fiscal cliff negotiations meant... markets traded on a firmer note," the report said.

"We're sure both sides will see sense to reach a compromise just in time to prevent the final nail being hammered in to the coffin."

Hopes were lifted after Obama and Boehner, the speaker of the House of Representatives, met on Monday for 45 minutes at the White House. They were joined by Treasury Secretary Timothy Geithner.

"The president believes that the parameters of a potential agreement are clear," White House spokesman Jay Carney told reporters after the meeting.

The Washington Post also reported on Monday that signs have emerged that the two sides had narrowed their differences and could be close to shaking hands on an agreement that would see $1 trillion in new tax revenues and $1 trillion in spending cuts over the next decade.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

commodities  |  markets  |  oil
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Expanding your business requires capital and banks have stringent lending criteria in place.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...