WTI Oil Rises Above $88 a Barrel For First Time Since Nov

West Texas Intermediate crude oil futures rose above $88 a barrel for the first time since Nov. 7 as prices gained partly on concern that Middle East unrest will disrupt supply.

WTI crude for January delivery rose as much as $1.13 to $88.05 a barrel in electronic trading on the New York Mercantile Exchange and was at $87.95 at 11:43 a.m. London time. Prices are also gaining on speculation the U.S. will avert automatic spending cuts and tax rises that threaten to throw the nation into recession.

To contact the reporter on this story: Stephen Voss in London at sev@bloomberg.net

To contact the editor responsible for this story: Alessandro Vitelli at avitelli1@bloomberg.net

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