Oil jumps to 93 a barrel after US avoids fiscal cliff in

The price of oil jumped by more than dollar to above US$93 a barrel Wednesday after U.S. lawmakers passed legislation to avoid a “fiscal cliff” that could have pushed the world’s biggest economy into recession.The U.S. House of Representatives voted near midnight Tuesday night to approve a tax and spending bill and send it to President Barack Obama after a frantic day of political brinkmanship in Washington.By early afternoon in Europe, benchmark West Texas Intermediate crude for February delivery was up $1.49 to US$93.31 a barrel in electronic trading on the New York Mercantile Exchange. The contract had risen $1.02 to finish at US$91.82 per barrel in New York on Monday.Brent crude, used to price various kinds of international oil, was up $1.12 to US$112.23 a barrel on the ICE Futures exchange.Economists had warned that if Congress did not take action a series of tax increases and spending cuts due to automatically start this year could have helped push the U.S. into recession.Some House Republicans at first opposed the bill, which neutralizes middle class tax increases and $24 billion in spending cuts set to take effect over the next two months while raising taxes on the wealthy. They wanted more spending cuts but hours later agreed to a simple yes-or-no vote on the bill, which had already passed the Senate.As a result of a broad increase in market sentiment, the dollar weakened as investors felt confident to invest in relatively riskier assets.A weaker dollar makes crude cheaper and a more attractive investment for traders using other currencies. On Wednesday, the euro rose to $1.3280 from $1.3213 on Monday, the previous trading session.In other energy futures trading on the Nymex, wholesale gasoline rose 3.88 cents to US$2.8005 a U.S. gallon (3.79 litres), heating oil added 2.62 cents to US$3.058 a gallon and natural gas fell 4.1 cents to $3.31 per 1,000 cubic feet.(TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS.UN), (TSX:CVE) Oil jumps to $93 a barrel after US avoids ‘fiscal cliff’ in emergency vote by Pablo Gorondi, The Associated Press Posted Jan 2, 2013 9:04 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email read more

Liebherr trolley assist T 236 fleet to operate at Erzberg

first_imgAustrian iron ore miner VA Erzberg intends to electrify the main haul road of its Erzberg mine site and operate a fleet of T 236 trucks from 2021 under trolley assist.Liebherr is not new to trolley having eight T 284 trucks under trolley at FQM’s Sentinel copper mine in Zambia and with its large T 284 fleet at Cobre Panama set to operate under trolley in the coming years. But this deal is significant involving the much smaller T 236.This electrification project would increase Erzberg life of mine significantly and reduce CO2 emission on site. The statement added: “Liebherr is proud to participate and support this outstanding initiative of VA Erzberg.”Representatives of VA Erzberg and Liebherr celebrated this new collaboration at the Liebherr booth at Bauma.last_img read more