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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