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Oil Rises On New Hope Of ‘Fiscal Cliff’ Resolution

Mark Wilson/Getty Images

NEW YORK (AP) — The price of oil is rising Monday as political leaders in Washington appear closer to a resolution in critical budget negotiations.

Benchmark crude rose 73 cents to $87.46 around 10:30 a.m. in New York.

Seeking to break an impasse in budget talks, House Speaker John Boehner has offered to raise taxes on some wealthy earners — but only if President Barack Obama agrees to cuts in benefit programs.

Leaders must strike a deal soon or the country will reach the so-called “fiscal cliff,” a combination of spending cuts and tax increases that go into effect on Jan. 1.

Prices at the pump dropped 4 cents over the weekend to an average of $3.25 a gallon, the lowest level in almost a year.

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