Oil climbs more than $1 as U.S. reaches debt agreement

SINGAPORE: Crude climbed more than $1 on Monday, sending Brent above $118, after U.S. President Barack Obama said congressional leaders agreed on a debt deal to avert default, improving the prospects for oil demand from the world's top consumer.

Obama urged both Democratic and Republican lawmakers to support the deal, which was likely to be voted on Monday. The agreement brightens the outlook for energy use as it may help keep the fragile U.S. economic recovery on track.

Brent crude advanced $1.50 to $118.24 a barrel by 0416 GMT, rebounding from an almost two-week low hit in the previous session. Brent is less than $9 from this year's peak above $127, while U.S. crude gained $1.45 to $97.15.

"The market is cautiously optimistic, so we could potentially see a euphoric rally," said Jonathan Barratt, managing director at Commodity Broking Services in Sydney.

"The initial reaction is that it will act as a stimulus because more money will be put into the economy. The flipside is how long that will last, and concerns about how spending will be cut in the longer term. It's a double-edged sword."


http://www.halaltamweel.com/688/International-COMMODITIES-CRUDE-OIL-Update.aspx

President Obama.......


Good News Everybody


Oh, BTW .... its Sharks Week on the Discovery Channel everybody
and the deal passed.


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