oil-price-rise

Oil prices rose Wednesday as traders reacted to the looming Capitol Hill resolution of the debt ceiling and government shutdown standoff.

Oil is trading at around $102.76 on the New York Mercantile Exchange Wednesday afternoon, a rise of $1.55 above Tuesday’s closing price, showing optimism that lawmakers will avoid a default that would likely have pushed energy demand downward.

Prices reached almost $103 earlier in the day but fell back slightly. “Any headline pointing to an agreement will send us higher,” Tim Evans, an energy analyst at Citi Futures Perspective, told Bloomberg.