By The Associated Press
NEW YORK, N.Y. – The price of oil is rising Monday as political leaders in Washington appear closer to a resolution in critical budget negotiations.
Benchmark crude rose 73 cents to $87.46 around 10:30 a.m. ET in New York.
Seeking to break an impasse in budget talks, House Speaker John Boehner has offered to raise taxes on some wealthy earners.
That offer is conditional on President Barack Obama agreeing to cuts in benefit programs.
Leaders must strike a deal soon or the country will reach the so-called “fiscal cliff.”
The fiscal cliff is a combination of spending cuts and tax increases that go into effect on Jan. 1.