Oil climbed for a third day in New York on prospects of a budget deal
With there being evident indication that a budget deal will likely be reached in Washington, oil climbed for a third Day in New York on Tuesday; with crude-oil futures touching $88 per barrel.
In the wake of reports that automatic spending cuts and tax increases in 2013 will apparently be avoided as US politicians will likely reach a budget agreement to avert the fiscal cliff, prospects for oil demand climbed for the third consecutive day on Tuesday.
Oil prices saw a 1 percent gain after House Speaker John Boehner - who was earlier against any increase in tax rates for any income level - proposed to increase tax rates on household's with annual income of more than $1 million, in exchange for restraining entitlement program costs.
The prospects of a budget deal led to a 73-cent - or 0.8 percent - rise in crude oil for January delivery which finally settled at $87.93 per barrel on the New York Mercantile Exchange on Tuesday, after having traded for as high as $88.16 per barrel. The Tuesday figures underscore that oil prices have now tallied a 2.3 percent gain in three sessions.
About the Tuesday advance in oil prices, commodity analyst Matt Smith - from Louisville, Ky.-based Schneider Electric, a global expert in energy management - said: "The growing optimism in relation to a fiscal-cliff resolution is sweeping across broader markets, with energy commodities leading the charge."
The process of charging an electric car takes much longer than the conventional process of refueling vehicles with gasoline.
Following Hurricane Irma, normal operations at PortMiami, Fort Lauderdale's Port Everglades and Port Canaveral quickly resumed, but major cruise lines are facing months of disruptions to routes including stoppages at Eastern Caribbean islands that
Following an unanticipated upturn in economic activity in September, the eurozone economy is widely expected to be on track for the best quarter since 2015.
Elon Musk-led electric carmaker Tesla Motors has confirmed that it will discontinue its cheapest version of its Model S e-car, the rear-wheel-drive S60, on coming Sunday.
Motorola’s parent firm Lenovo recently announced the launch of the Moto G5S and G5S Plus smartphones in several markets. The company will shortly share its plan for worldwide launch.
Luxury vehicle maker Volvo has just introduced the 2018 XC40, the company’s latest SUV that looks forward to compete with the Porsche Macan or Range Rover Evoque.