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At a glance: Oil rises on US budget deal optimism

The Associated Press

The price of oil rose Tuesday on a growing belief that political leaders in Washington may reach a compromise to head off the dreaded "fiscal cliff."

On the New York Mercantile Exchange.

— Benchmark crude finished up 73 cents at $87.93

— Heating oil rose 4 cents to $3 a gallon.

— Natural gas gained 6 cents to $3.42 per 1,000 cubic feet.

— Wholesale gasoline added 4 cents to $2.69 a gallon.

On the ICE Futures Exchange in London.

— Brent crude, which is used to price international varieties of oil, rose $1.20 to $108.84