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West Texas Intermediate crude climbed on optimism that U.S. lawmakers will agree on a deal to raise the debt ceiling and avoid a default.
Futures rose as much as 0.8 percent on optimism that a framework being negotiated by Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell will end the 16-day-old government shutdown and extend U.S. borrowing authority, which lapses tomorrow. WTI and stocks extend gains as the National Review reported that House Speaker John Boehner was said to agree to take up a Senate plan to end the impasse.
WTI crude for November delivery rose 58 cents, or 0.6 percent, to $101.79 a barrel at 10:40 a.m. on the New York Mercantile Exchange. The contract declined $1.20 to $101.21 yesterday, the lowest settlement since July 2. The volume of all futures traded was about 11 percent above the 100-day average.
Brent oil for November settlement, which expires today, rose 46 cents, or 0.4 percent, to $110.42 a barrel on the London-based ICE Futures Europe exchange. The more-active December contract gained 71 cents to $110.13. Volume was 13 percent higher than the 100-day average.
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