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Oil Rises to Three-Month High as U.S. Passes Budget Bill: Report

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Oil rose to the highest level in three months after U.S. lawmakers passed a bill to undo automatic tax increases and spending cuts that had threatened growth in the world's biggest oil-consuming country, Bloomberg reported.

Futures climbed as much as 2.2% as the House of Representatives approved a Senate measure to reverse higher income taxes for more than 99% of households. President Barack Obama said he will sign it into law.

West Texas Intermediate for February delivery rose $1.48, or 1.6%, to $93.30 a barrel on the New York Mercantile Exchange after climbing to $93.87, the highest intraday level since Sept. 19.

The futures dropped 7.1% last year, the first decline since 2008. Trading was closed yesterday for the New Year's Day holiday. The volume for WTI oil contracts traded in New York was 12% above the 100-day average.

Brent for February settlement rose $1.16, or 1%, to $112.27 a barrel on the London-based ICE Futures Europe exchange.

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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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