NEW YORK, Oct. 10 (Xinhua) -- Oil prices rose Thursday on signs that U.S. lawmakers are near a deal to increase the debt ceiling.
U.S. House Speaker John Boehner said Thursday that Republicans planned to offer a temporary shot-term debt ceiling increase to negotiate with Democrats.
President Barack Obama has started to reach out to congressional leaders of both parties to end the fiscal impasse. He is scheduled to meet with Democratic senators and House Republican leaders at the White House Thursday.
Traders believed there is clearly a positive impact from Washington on the markets. "There is no good solution if Congress fails to raise the debt limit, and that's why the president has called on Congress to raise the debt limit .. Congress has to do its job and act," said U.S. Secretary of Treasury Jacob Lew as he testified before the Senate Finance Committee during a hearing on the debt limit held on Capitol Hill in Washington Thursday morning.
The disruption of Libya's crude production and exports also pushed oil prices higher. The protests cut the country's production by an average of 1.2 million barrels a day last month, the Energy Information Administration said in a monthly report this week.
According to Bloomberg, a business and financial market news provider, crude output of Libya fell to 300,000 barrels a day in September, the least for two years.
Light, sweet crude for November delivery increased 1.4 dollars to settle at 103.01 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery gained 2.74 dollars to close at 111.8 dollars a barrel.