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Oil rises as statements by US leaders raise hopes for a deal to avoid budget crisis

The Washington Post -- BANGKOK — The price of oil rose Thursday as U.S. leaders voiced optimism that a budget deal would be reached before the end of the year.

Benchmark crude for January delivery was up 34 cents to $86.83 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract dropped 69 cents to finish at $86.49 per barrel in New York.

Oil has traded in a narrow range this month as cautious investors await the outcome of budget talks in Washington. Without an agreement, huge tax hikes and spending cuts will automatically take effect Jan. 1 — the deadline dubbed the “fiscal cliff.”

Economists say that could push the U.S. back into a recession, and it would mean less demand for oil and other energy products. But Republican House Speaker John Boehner and

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Submitted Nov 29, 2012 By: angel4me

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kag2010 Champion Author Winnipeg Posts:5,264 Points:1,021,710 Joined:Apr 2010	Message Posted: Nov 30, 2012 2:08:29 PM Ignore kag2010 Report Abuse Not due to the health of the economy.
DanMtz Champion Author Oakland Posts:3,360 Points:1,244,300 Joined:Oct 2009	Message Posted: Nov 30, 2012 7:17:37 AM Ignore DanMtz Report Abuse It may take a while for this to play out.
Lugi1967 Champion Author Ohio Posts:4,793 Points:1,003,220 Joined:Jun 2010	Message Posted: Nov 29, 2012 4:43:55 PM Ignore Lugi1967 Report Abuse Long ways to go
19sheldon43 Champion Author Los Angeles Posts:3,979 Points:843,010 Joined:Jul 2009	Message Posted: Nov 29, 2012 1:47:52 PM Ignore 19sheldon43 Report Abuse The cavalry is just over the next hill. I don't feel the Fiscal Cliff is going to fall
ultm8opie Champion Author Twin Cities Posts:2,206 Points:535,745 Joined:Jan 2011	Message Posted: Nov 29, 2012 1:08:25 PM Ignore ultm8opie Report Abuse Cost should not go up until there is a shortage, not due to the health of the economy.
idigau22 Champion Author Washington Posts:23,422 Points:3,203,935 Joined:Apr 2003	Message Posted: Nov 29, 2012 1:03:57 PM Ignore idigau22 Report Abuse Oil is selling at $88.04 per barrel right now. Better then $106.00!
GryphonX Champion Author Nevada Posts:6,110 Points:1,590,050 Joined:Nov 2007	Message Posted: Nov 29, 2012 1:01:01 PM Ignore GryphonX Report Abuse Well, shoot! Just when I thought we were going to get some relief ...
bigLtowing Champion Author Columbus Posts:2,849 Points:594,515 Joined:Aug 2011	Message Posted: Nov 29, 2012 12:58:33 PM Ignore bigLtowing Report Abuse and how does the us budget effect gas prices just greed
sickhp Champion Author San Antonio Posts:1,384 Points:518,855 Joined:Sep 2011	Message Posted: Nov 29, 2012 12:58:20 PM Ignore sickhp Report Abuse I am holding my breath.
TheDix Champion Author Ontario Posts:3,094 Points:600,210 Joined:Dec 2009	Message Posted: Nov 29, 2012 12:57:06 PM Ignore TheDix Report Abuse We'll soon see .
TFowler513 Champion Author Memphis Posts:3,824 Points:1,415,610 Joined:Mar 2008	Message Posted: Nov 29, 2012 12:55:26 PM Ignore TFowler513 Report Abuse More propaganda for the masses!!!
RAE344 Champion Author Virginia Beach Posts:3,069 Points:662,495 Joined:Jun 2011	Message Posted: Nov 29, 2012 12:53:42 PM Ignore RAE344 Report Abuse Another example how our leaders can influence the price of oil. So when they claim that they can't do anything, it is a bunch of male bovine poo.
1Dano1 Champion Author Kansas Posts:10,858 Points:1,764,980 Joined:Jul 2006	Message Posted: Nov 29, 2012 12:51:09 PM Ignore 1Dano1 Report Abuse US Leaders. Okay enough said... Stop with the lies!!!
paoli8 Champion Author Philadelphia Posts:7,091 Points:1,822,445 Joined:Jul 2007	Message Posted: Nov 29, 2012 12:47:52 PM Ignore paoli8 Report Abuse I'm not holding my breath
WhiskersTheCat All-Star Author Austin Posts:827 Points:1,323,570 Joined:Oct 2008	Message Posted: Nov 29, 2012 12:47:33 PM Ignore WhiskersTheCat Report Abuse We already jumped off the cliff; we just haven't hit the bottom.
bouncing4fun All-Star Author Sacramento Posts:588 Points:145,335 Joined:Jun 2012	Message Posted: Nov 29, 2012 12:45:48 PM Ignore bouncing4fun Report Abuse Thanks for the info.
GigHarborHound Champion Author Tacoma Posts:2,542 Points:489,465 Joined:Sep 2011	Message Posted: Nov 29, 2012 12:44:29 PM Ignore GigHarborHound Report Abuse BS
FlyNFool Champion Author South Carolina Posts:8,249 Points:1,686,925 Joined:Aug 2008	Message Posted: Nov 29, 2012 12:44:24 PM Ignore FlyNFool Report Abuse We shall soon see who gets the short end of the stick!
tpguess Champion Author San Diego Posts:1,606 Points:373,560 Joined:Jan 2012	Message Posted: Nov 29, 2012 12:43:46 PM Ignore tpguess Report Abuse No matter which way it goes... the investors are making money... and the money they make comes from the gas prices we pay...
WGW1 Champion Author British Columbia Posts:1,257 Points:392,165 Joined:Jun 2010	Message Posted: Nov 29, 2012 12:43:35 PM Ignore WGW1 Report Abuse Good news is bad news again.
lezdar All-Star Author Los Angeles Posts:865 Points:577,945 Joined:Dec 2007	Message Posted: Nov 29, 2012 12:42:36 PM Ignore lezdar Report Abuse After boehner spoke today-prices of oil drop as did stock market. Wonder who is paying him-short sellers?
LQQKGAS Champion Author Phoenix Posts:2,673 Points:1,197,845 Joined:Oct 2009	Message Posted: Nov 29, 2012 12:42:28 PM Ignore LQQKGAS Report Abuse How can this be? obuma said there is nothing that the U.S. can do about gas prices because it's a world economy.
Guapo29 All-Star Author Michigan Posts:609 Points:78,305 Joined:Jan 2010	Message Posted: Nov 29, 2012 12:42:28 PM Ignore Guapo29 Report Abuse Any excuse.
milespergallon Champion Author Illinois Posts:9,754 Points:1,910,310 Joined:Feb 2007	Message Posted: Nov 29, 2012 12:39:52 PM Ignore milespergallon Report Abuse Prices are raising because the specu-traitors need their CHRISTmas presents
MarijkeCA Sophomore Author San Bernardino Posts:109 Points:27,995 Joined:Oct 2012	Message Posted: Nov 29, 2012 12:38:38 PM Ignore MarijkeCA Report Abuse UP and Down!
NorthglennBill Champion Author Denver Posts:7,432 Points:1,473,895 Joined:Oct 2008	Message Posted: Nov 29, 2012 12:38:32 PM Ignore NorthglennBill Report Abuse Always a reason to try to raise prices. That is what speculators do.
checkitnow Champion Author Atlanta Posts:2,046 Points:574,270 Joined:Aug 2010	Message Posted: Nov 29, 2012 12:34:50 PM Ignore checkitnow Report Abuse obummer wants us to go off the 'cliff'
IMLURCH Champion Author Minnesota Posts:2,194 Points:1,105,130 Joined:Mar 2009	Message Posted: Nov 29, 2012 12:32:58 PM Ignore IMLURCH Report Abuse SO when a deal is passed does that mean oil will sky rocket?
SandeeC Champion Author Ontario Posts:2,998 Points:461,230 Joined:Apr 2011	Message Posted: Nov 29, 2012 12:30:24 PM Ignore SandeeC Report Abuse Yeah, any excuse will do.
silverfoxv65 Champion Author Michigan Posts:4,490 Points:1,231,850 Joined:Sep 2009	Message Posted: Nov 29, 2012 12:30:09 PM Ignore silverfoxv65 Report Abuse Here we go again!
BigDartMike All-Star Author Ohio Posts:581 Points:118,260 Joined:Dec 2011	Message Posted: Nov 29, 2012 12:30:07 PM Ignore BigDartMike Report Abuse I farted, there go prices! geez, what a racket!
dockersbin Veteran Author Virginia Beach Posts:407 Points:261,885 Joined:May 2006	Message Posted: Nov 29, 2012 12:30:01 PM Ignore dockersbin Report Abuse Shoot the speculators and maybe that would keep the prices a little more stable.
oldiesman Champion Author New York Posts:6,437 Points:2,195,760 Joined:May 2006	Message Posted: Nov 29, 2012 12:28:41 PM Ignore oldiesman Report Abuse All a big game and We the people are the pawns? [Edited by: oldiesman at 11/29/2012 12:29:47 PM EST]
sdiddydaddy Champion Author Grand Rapids Posts:1,101 Points:397,145 Joined:Jan 2012	Message Posted: Nov 29, 2012 12:28:00 PM Ignore sdiddydaddy Report Abuse Here we go again . . . back on the roller coaster. I guess I'll be filling up today before the jump.
mageetp Champion Author British Columbia Posts:3,220 Points:627,910 Joined:Aug 2011	Message Posted: Nov 29, 2012 12:24:15 PM Ignore mageetp Report Abuse Good luck with this budget crisis.
jjjleblanc Champion Author Rochester Posts:5,882 Points:1,520,730 Joined:Jun 2008	Message Posted: Nov 29, 2012 12:23:53 PM Ignore jjjleblanc Report Abuse Just a hint of optimism seems to trigger higher prices based on the belief demand is higher.
YodaON Champion Author Ottawa Posts:2,937 Points:781,010 Joined:Jan 2011	Message Posted: Nov 29, 2012 12:23:15 PM Ignore YodaON Report Abuse any excuse to get prices up
HailstormCA Champion Author San Diego Posts:7,860 Points:1,472,995 Joined:Nov 2008	Message Posted: Nov 29, 2012 12:23:06 PM Ignore HailstormCA Report Abuse Help, we're going down...gurgle, gurgle, gurgle...
jtravis711 Sophomore Author Orange County Posts:174 Points:199,065 Joined:Feb 2011	Message Posted: Nov 29, 2012 12:22:08 PM Ignore jtravis711 Report Abuse We all know how full of hot air politicians are, its just a sad case that we have not been able to plug into that for some real positive energy. Maybe instead of a whisper of Anarchy, we should be shouting out, instead of our hands out we should be standing up on our own. Rather than blaming and pointing the finger at others we should actually roll up our sleeves and do some real work.
rwrMO Champion Author Missouri Posts:2,546 Points:581,170 Joined:Jun 2011	Message Posted: Nov 29, 2012 12:21:03 PM Ignore rwrMO Report Abuse i do not think we ever came out of the recession.
OOXXFF Champion Author Greensboro Posts:3,073 Points:1,080,605 Joined:Sep 2009	Message Posted: Nov 29, 2012 12:20:19 PM Ignore OOXXFF Report Abuse Oil prices know how to go up.
pmc3 Champion Author Missouri Posts:3,599 Points:1,024,190 Joined:Mar 2010	Message Posted: Nov 29, 2012 12:18:55 PM Ignore pmc3 Report Abuse They should make all the Senators and Representatives stay there until a WORKABLE budget is developed!!
bobsalwaysmt Champion Author Long Island Posts:4,665 Points:266,040 Joined:Oct 2007	Message Posted: Nov 29, 2012 12:17:51 PM Ignore bobsalwaysmt Report Abuse Just one more "excuse".
Toppers Champion Author Atlanta Posts:9,022 Points:2,472,645 Joined:Mar 2005	Message Posted: Nov 29, 2012 12:17:41 PM Ignore Toppers Report Abuse Hope it stays in the 80's
F81M Champion Author Indiana Posts:1,509 Points:789,085 Joined:Aug 2008	Message Posted: Nov 29, 2012 12:17:19 PM Ignore F81M Report Abuse Can't believe positive things from DC would cause oil to rise.
njerald Champion Author Seattle Posts:7,839 Points:1,625,250 Joined:Oct 2007	Message Posted: Nov 29, 2012 12:15:10 PM Ignore njerald Report Abuse Bangkok????? Prices up and going higher...
HEBster Champion Author Kentucky Posts:8,793 Points:2,375,300 Joined:May 2006	Message Posted: Nov 29, 2012 12:14:02 PM Ignore HEBster Report Abuse Dislike
Wes1972 All-Star Author California Posts:650 Points:320,110 Joined:Mar 2011	Message Posted: Nov 29, 2012 12:11:51 PM Ignore Wes1972 Report Abuse The fiscal cliff is minor compared to all the new taxes that Obamacare will be extracting from everyone. When the reality of paying for healthcare hits small employers more than a few will be laid off or cut back to part time. The media is obsessed with pushing the "fiscal cliff" fear to keep the public from thinking about the miserable economy & unemployment. The politicians need to borrow more money to keep spending their way to prosperity and passing out more money to non producers.
TAT36 Champion Author Florida Posts:6,814 Points:1,305,950 Joined:Sep 2009	Message Posted: Nov 29, 2012 12:09:06 PM Ignore TAT36 Report Abuse Trade one crisis for another? Seems like the manipulators are manipulating at their best.
johton Champion Author Seattle Posts:1,225 Points:314,115 Joined:Jun 2012	Message Posted: Nov 29, 2012 12:07:57 PM Ignore johton Report Abuse Right on BoatP2Lee!!