An uplifting outlook about the prospect of U.S. political leaders reaching an agreement to avoid the perils of the fiscal cliff pushed up crude oil futures on Tuesday, according to Bloomberg.
The energy commodity marked a third consecutive trading session of gains as President Barack Obama and Speaker of the House John Boehner were believed to be notching progress in negotiations to avoid more than $600 billion in tax hikes and spending cuts. The nation is the globe's top consumer of the energy commodity.
"We're moving on positive feelings that a way will be found to avoid the fiscal cliff," partner John Kilduff with energy hedge fund Again Capital in New York told Bloomberg on Tuesday. "The overtures from both the speaker of the House and president are being fully embraced by the markets. A deal would give us some needed stability."
At 11:57 a.m., Brent crude oil futures gained 1.01 percent, a $1.09 increase to $108.74 per barrel. WTI crude oil futures climbed 0.85 percent, a 74-cent lift to $87.97 per barrel.
Reuters reports the progress between the president and the speaker eased concerns about the globe's largest economy regressing into a double-dip recession.
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