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
    NamePriceChange% Chg
    1.3865+0.0055+0.40%
    USDSGD=X
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    EURSGD=X
    2.1537+0.0041+0.19%
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    9,748.2793-36.6562-0.37%
    SGDIDR=X
    4.4787-0.0178-0.40%
    SGDCNY=X
    1.0208+0.0018+0.18%
    AUDSGD=X
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    Commodities
    NamePriceChange% Chg
    1,084.20-6.30-0.58%
    GCU15.CMX
    14.55-0.05-0.37%
    SIZ15.CMX
    45.67+0.14+0.30%
    ^XAU
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    CLV15.NYM
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    Bonds
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    Most Actives
    NamePriceChange% Chg
    0.59-0.01-1.67%
    N21.SI
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    MC0.SI
    0.85-0.05-5.56%
    G13.SI
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    5DN.SI
    0.310.000.00%
    5WA.SI
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    0.655+0.080+13.91%
    UD3.SI
    0.118+0.013+12.38%
    B32.SI
    0.19+0.03+16.56%
    AFC.SI
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    R14.SI
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    M11.SI
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