Oil Climbs to Three-Month High as U.S. House Passes Budget Bill
This article is for subscribers only.
Oil rose to the highest level in almost three months in New York after U.S. lawmakers reached a deal to avert automatic tax increases and spending cuts that threatened growth in the world’s biggest economy.
Futures increased as much as 1.7 percent after legislation to avoid the so-called fiscal cliff was passed by a vote of 257-167 in the House after Republicans abandoned an effort to add spending cuts to the Senate’s plan. A government gauge of China’s manufacturing showed a third month of expansion yesterday, a sign that the recovery in the world’s second-biggest oil consumer will extend to this year.