Brent crude oil climbed on Wednesday morning on news that the U.S. would resume fiscal cliff talks shortly after the Christmas holiday. The commodity traded at 109.26 as investors hoped U.S. lawmakers would reach a last minute deal on the looming package of spending cuts and tax increases set to kick in on January 1.
Democrats and Republicans in Washington have long debated how to deal with the nation's deficit and avoid falling over the fiscal cliff, which has been forecast to tip the country into recession. Talks were going well, until Republican Speaker of the House John Boehner failed to pass his "Plan B" through the House of Representatives.
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