Oil rises on new hope of 'fiscal cliff' resolution

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.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-12-17-Oil%20Prices/id-b9cd91933d474c87a73e4d39dfd52968

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