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Oil rises on hopes of avoiding 'fiscal cliff'

Published on NewsOK Modified: November 29, 2012 at 11:21 am •  Published: November 29, 2012

Any sign the economic recovery is picking up can be a catalyst for energy prices.

Falling prices at the gas pump could also drive Americans to spend more money on other things, like holiday gifts, further fueling the economy.

The national average for a gallon of regular fell less than a penny to about $3.41 on Thursday. That is down about 12 cents from a month ago, but still higher than a year ago.

Brent crude, which is used to price international varieties of oil, rose 91 cents to $110.42 per barrel on the ICE Futures exchange in London.

Trading in other energy futures on the New York Mercantile Exchange:

— Heating oil rose 4 cents to $3.06 a gallon

— Natural gas fell 11 cents to $3.69 per 1,000 cubic feet

— Wholesale gasoline gained 2 cents to $2.71 a gallon