President Barack Obama and House Speaker John Boehner met at the White House on Monday in hopes of making more progress toward avoiding the "fiscal cliff," a combination of spending cuts and tax increases that go into effect on Jan. 1.
The meeting came after Boehner on Friday offered to raise taxes on some wealthy earners — but only if Obama agrees to cuts in benefit programs.
Benchmark West Texas intermediate crude rose 47 cents to close at US$87.20 a barrel on the New York Mercantile Exchange.
Brent crude, which is used to price international varieties of oil, fell 54 cents to US$107.64 on the ICE Futures Exchange in London.
In other energy futures trading on the Nymex, heating oil fell two cents to US$2.96 a U.S. gallon (3.79 litres), wholesale gasoline fell less than a penny to close at US$2.65 a gallon and natural gas rose four cents to US$3.36 per 1,000 cubic feet, its first gain in eight trading sessions.
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