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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.

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