Where Will Oil Go Next?

Brent oil rose towards $110 a barrel on Wednesday on expectations that a budget crisis in the United States will be resolved, heading off a recession threat to the world's top oil consumer.

Oil rigs in the South China Sea.
Paul & Paveena McKenzie | Oxford Scientific | Getty Images
Oil rigs in the South China Sea.

World shares rose to 17-month highs, and the euro gained on growing confidence that a U.S. pact on spending and taxes will be reached before a year-end deadline, avoiding the so called fiscal cliff which threatened to tip the country into recession.

A German business survey that showed improving sentiment among investors cemented the more upbeat mood.

Brent crude was up 0.8 percent to around $110 a barrel. It was heading for its highest close in two weeks. U.S. light, sweet crude gained 0.4 percent to around $88 per barrel. (Read More: Is 2013 the Year of $50 Oil and $1,200 Gold?)

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