• News
  • SAN DIEGO
  • Finance

Oil rises as 'fiscal cliff' talks resume

NEW YORK (AP) -- The price of oil rose Friday as legislators began postelection talks on how to avoid the so-called fiscal cliff, and a report showed Americans' view of the economy is improving.

Benchmark crude rose 98 cents to finish at $86.07 a barrel.

President Barack Obama said he invited congressional leaders of both parties to the White House next week to start negotiations on backing away from the “fiscal cliff” of tax increases and automatic spending cuts that would take effect in January. Republicans and Democrats agree that could cripple the economy and reverse the fragile recovery from the Great Recession.

Obama repeated his promise to reject any approach to deficit reduction that doesn't tap the wealthy to pay more in taxes. Republicans still say that raising tax rates on rich Americans is a deal-killer.

Also on Friday the Thomson Reuters/University of Michigan consumer sentiment index showed that Americans feel better about the state of the U.S. economy than at any point in the last five years.

Relief at the pump is helping. The nationwide average for regular gasoline fell to $3.456 a gallon, the lowest since July 21, according to AAA, Wright Express and the Oil Price Information Service.

Brent crude, used to price international varieties of oil, rose $2.15 to end at $109.40 on the ICE Futures exchange in London.

Among other energy futures on the New York Stock Exchange:

Leave Your Comment

Comments are moderated by SDDT, in accordance with the SDDT Comment Policy, and may not appear on this commentary until they have been reviewed and deemed appropriate for posting. Also, due to the volume of comments we receive, not all comments will be posted.

SDDT Comment Policy: SDDT encourages you to add a comment to this discussion. You may not post any unlawful, threatening, defamatory, obscene, pornographic or other material that would violate the law. All comments should be relevant to the topic and remain respectful of other authors and commenters. You are solely responsible for your own comments, the consequences of posting those comments, and the consequences of any reliance by you on the comments of others. By submitting your comment, you hereby give SDDT the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying and other information you provide via all forms of media now known or hereafter devised, worldwide, in perpetuity. SDDT Privacy Statement.

User Response
0 UserComments

Leave Your Comment

Comments are moderated by SDDT, in accordance with the SDDT Comment Policy, and may not appear on this commentary until they have been reviewed and deemed appropriate for posting. Also, due to the volume of comments we receive, not all comments will be posted.

SDDT Comment Policy: SDDT encourages you to add a comment to this discussion. You may not post any unlawful, threatening, defamatory, obscene, pornographic or other material that would violate the law. All comments should be relevant to the topic and remain respectful of other authors and commenters. You are solely responsible for your own comments, the consequences of posting those comments, and the consequences of any reliance by you on the comments of others. By submitting your comment, you hereby give SDDT the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying and other information you provide via all forms of media now known or hereafter devised, worldwide, in perpetuity. SDDT Privacy Statement.