Oil rises on new hope of fiscal cliff resolution

The price of oil finished higher Monday as political leaders in Washington appear closer to a resolution in critical budget negotiations, according to AP. 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 crude rose 47 cents to close at $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 $107.64 on the ICE Futures Exchange in London.