Oil prices spike as Obama heads to Washington to attempt to secure a "fiscal cliff" deal

Spiking to almost ten week highs, New York's main contract, West Texas Intermediate (WTI) for February delivery spiked by over two dollars to settle just below US$91. Brent North Sea crude for February delivery also spiked similarly to just over US$111 a barrel. This rise in oil prices has been triggered by President Barack Obama heading back to Washington for an eleventh hour attempt to secure a "fiscal cliff" deal with Republicans ahead of a year-end deadline.
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