THE price of oil is rising sharply on higher US home prices and hopes of a budget deal in Washington.
US benchmark crude jumped $2.31, or 2.6 per cent, to $90.92 a barrel overnight in thin post-Christmas trading.
US home prices rose in most major cities in October compared with a year ago, according to a key report. The improvement is adding to economic growth, which generally boosts energy consumption and lifts prices.
Also, President Barack Obama will return to Washington today after a brief holiday to resume budget talks with Congress. Negotiations are aimed at avoiding the "fiscal cliff," the deep budget cuts and tax increases that could slow US growth.
On Monday, concerns over the budget pushed down oil prices. Benchmark crude closed 5 cents lower at $88.61.
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