Crude oil futures marked a second consecutive day of gains on Monday amid conjecture suggesting political leaders in the energy commodity's top consumer are nearing an agreement regarding end-of-year economic and financial negotiations, according to Bloomberg.
Speaker John Boehner with the U.S. House of Representatives and President Barack Obama are conducting negotiations as part of the effort to resolve the dispute over the fiscal cliff, which would see the automatic activation of $600-plus billion worth of tax hikes and spending cuts with the dawning of 2013.
"There is some progress with Boehner indicating a tax increase," partner John Kilduff with energy hedge fund Again Capital in New York told the news source on Monday. "We are moving closer to a resolution here and that's helping to stabilize things."
At 3:26 p.m. on Monday, Brent crude oil futures fell 0.19 percent, a 21-cent loss to $107.99 per barrel. At 3:27 p.m., WTI crude oil futures gained 0.7 percent, a 61-cent lift to $87.34 per barrel.
Reuters reports a key pipeline expansion is set to be finalized next month between Enterprise Products Partners and Enbridge.
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