February NYMEX WTI prices are trading higher Wednesday as risk sentiment gets a boost after the US House passed the fiscal cliff measure with a vote of 257 to 167. After a day of public agonizing and intense vote counting, House Republican leaders allowed the House to vote Tuesday night on the Senate-drafted fiscal cliff package that was approved on a bipartisan vote. The House approved the Senate’s package on a 257-to-167 vote. Now that the House and Senate have approved the bill in identical form, it will go to President Barack Obama for his signature. Risk assets have reacted positively to the news, with February WTI prices advancing from lows of $91.56 to intra-day highs of $92.83 a barrel and now trade at $92.80, up 98 cents from the previous close of $91.82 a barrel.
EasyForexNews Research Team