Crude rises after US backs away from cliff
AFPSINGAPORE--Oil prices rose in Asia on Wednesday as traders cheered the passing of a U.S. deal to avoid a fiscal cliff of tax hikes and huge spending cuts, analysts said.
January 3, 2013, 12:02 am TWN
New York's main contract, light sweet crude for delivery in February, added 84 cents to US$92.66 a barrel in the afternoon and Brent North Sea crude for February delivery gained 66 cents to US$111.77.
The bill, which had already passed through the Democrat-majority U.S. Senate, was approved by the Republican-led House of Representatives in a 257-167 vote.
U.S. President Barack Obama said the long-awaited resolution made the country's tax system a fairer one.
“Hopefully in the New Year we'll focus on ... seeing if we can put a package like this together with a little bit less drama, a little bit less brinksmanship, not scare the heck out of folks quite as much,” he added.