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Oil Poised for Biggest Weekly Gain Since August: report

Oil headed for the biggest weekly gain since September in New York as U.S. lawmakers scheduled talks aimed at averting automatic tax increases and spending cuts that threaten the economy of the world's largest consumer, Bloomberg reports.

West Texas Intermediate for February delivery climbed as much as 62 cents to $91.49 a barrel in electronic trading on the New York Mercantile Exchange and was at $91.02 at 12:24 p.m. London time. The volume traded for all contracts was about 34 percent below the 100-day average. Futures are set for their first annual drop since 2008.

Brent for February settlement on the London-based ICE Futures Europe exchange increased as much as 58 cents, or 0.5%, to $111.38 a barrel. The volume was 50% less than the 100-day average. It was at a premium of $19.62 to WTI, down from $19.93 yesterday, the narrowest closing spread in almost 10 weeks.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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