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Oil Rises First Time in 4 Days on Crude, U.S. Budget Talk - report

Oil rose for the first time in four days in New York after U.S. stockpiles declined unexpectedly and political leaders in the world's biggest crude consumer expressed optimism about agreeing on a federal budget, Bloomberg said.

Futures advanced as much as 1.8% after sliding 0.8% yesterday to a two-week low.

Republican House Speaker John Boehner believes talks on tax increases and spending cuts known collectively as the fiscal cliff can "avert this crisis sooner rather than later," he told reporters. President Barack Obama said he hopes to reach a deal before Christmas. U.S. crude supplies slid 347,000 barrels last week, an Energy Department report showed. They were forecast to climb 350,000 barrels, according to a Bloomberg News survey of analysts.

West Texas Intermediate crude for January delivery climbed as much as US$1.54 to $88.03 a barrel in electronic trading on the New York Mercantile Exchange and was at $87.81 at 1.28 p.m. London time. The contract pared a $1.82 decline yesterday to close down 69 cents at $86.49, the lowest since Nov. 15. Prices have fallen 11% this year.

Brent for January settlement rose $1.16 to $110.67 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract was at a premium of $22.93 to West Texas Intermediate futures, compared with $23.02 yesterday.

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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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