Politics & Government
5:55 am
Wed January 2, 2013

Oil prices rise following "fiscal cliff" deal in Congress

HONG KONG (AP) — Oil prices rallied today after U.S. lawmakers passed legislation to avoid a "fiscal cliff" that would have pushed the world's biggest economy into recession. The U.S. House of Representatives voted near midnight to send the bill to President Barack Obama after a frantic day of political brinksmanship in Washington. Benchmark crude for February delivery rose 95 cents late afternoon in Hong Kong to $92.77 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.