Oil prices rise as 'fiscal cliff' talks to resume

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Associated Press

Posted on December 26, 2012 at 6:06 AM

BANGKOK (AP) — The price of oil rose today after President Barack Obama indicated he would cut his Christmas holiday short and head to Washington to try to work out a deal to keep the U.S. from heading over the "fiscal cliff."

Benchmark oil for February delivery rose 49 cents at late afternoon Bangkok time to $89.10 per barrel in electronic trading on the New York Mercantile Exchange.

On Monday, concerns over the stalemate in Washington drove benchmark oil prices lower, with the contract closing down 5 cents at $88.61 a barrel on the Nymex.

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