The price of oil rose slightly today as traders weighed a new debt deal in Europe against political bickering in the US over looming tax increases and budget cuts.
US benchmark crude rose 46 cents to $88.51 a barrel in New York. In London, Brent crude rose 28 cents to $111.03.
German lawmakers approved further aid to Greece today, raising hopes the European debt crisis may begin to wane.
But in the US lawmakers reported no progress in talks to avoid a series of tax increases and spending cuts that economists say could drag the US economy into recession if they go into effect at the end of the year.
