Oil jumps as US lawmakers avert "fiscal cliff"

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Associated Press

Posted on January 2, 2013 at 6:02 AM

Updated Wednesday, Jan 2 at 6:02 AM

HONG KONG (AP) — Oil prices rallied today after U.S. lawmakers passed legislation to avoid a "fiscal cliff" that would have pushed the world's biggest economy into recession.

The U.S. House of Representatives voted near midnight to send the bill to President Barack Obama after a frantic day of political brinksmanship in Washington.

Benchmark crude for February delivery rose 95 cents late afternoon in Hong Kong to $92.77 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.02 to finish at $91.82 per barrel in New York on Monday.

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