Oil gains on the U.S. budget progress

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Source: Bloomberg
© Scanpix/AP
Crude oil futures for January settlement were higher by 70 cents to $87.90 on the New York Mercantile Exchange during Singapore trading hours on Tuesday. Oil gained for the third day, as the markets were speculating that an agreement on the U.S. budget will be reached and so-called the fiscal cliff will be averted. The U.S. is the biggest oil consumer in the world, accounted for 21% of oil demand in 2011, therefore derailed the domestic economic recovery might sharply reduce the global oil demand.
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