Crude rises on US fiscal cliff deal

Oil prices rose in Asia on Wednesday as traders cheered the passing of a US deal to avoid a "fiscal cliff" of tax hikes and huge spending cuts, analysts said.

New York's main contract, light sweet crude for delivery in February, added 84 cents to $92.66 a barrel in the afternoon and Brent North Sea crude for February delivery gained 66 cents to $111.77.

Markets "took heart from a cobbled-together deal", a report from IG Markets said.

The bill, which had already passed through the Democrat-majority US Senate, was approved by the Republican-led House of Representatives in a 257-167 vote.

US President Barack Obama said the long-awaited resolution made the country's tax system a fairer one.

"Hopefully in the New Year we'll focus on... seeing if we can put a package like this together with a little bit less drama, a little bit less brinksmanship, not scare the heck out of folks quite as much," he added.

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  • Currencies
    Currencies
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    USDSGD=X
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    EURSGD=X
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    SGDCNY=X
    0.9957+0.0047+0.47%
    AUDSGD=X
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    Commodities
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    1,133.50-6.30-0.55%
    GCZ15.CMX
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    SIZ15.CMX
    45.78-1.03-2.20%
    ^XAU
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    CLV15.NYM
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    Bonds
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    5DN.SI
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    5WA.SI
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    N21.SI
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    E5H.SI
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    Z74.SI
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    0.28+0.05+21.74%
    L38.SI
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    C10.SI
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    578.SI
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    MN5.SI
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    5VI.SI
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