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Traders Hope Fiscal Cliff Can Be Avoided, Crude Gains

November 29, 2012 at 6:21 by Vladimir Vyun

Crude oil was a little higher today on optimism for talks about avoiding the fiscal cliff in the United States and as US inventories unexpectedly fell. President Barack Obama said that an agreement may be reached before Christmas. John Boehner, the Speaker of the United States House of Representatives, voiced his opinion that the talks can “avert this crisis sooner rather than later”. The dollar fell after such comments, further bolstering the commodity.

US stockpiles of crude fell by 300,000 barrels to 374.1 million barrels last week. An increase by 500,000 was expected by analysts. Japan’s oil imports from Iran declined 48 percent in October from September.

January futures on WTI crude oil delivery rose $0.34 (0.39 percent) to $86.82 per barrel as of 6:14 GMT on NYMEX today. Brent crude advanced $0.28 (0.26 percent) to $109.79 per barrel on ICE.

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