Oil prices hover over $89

Oil prices were marginally up in Asia Wednesday with traders closely monitoring US budget talks to find solutions to the fiscal cliff. US President Barak Obama is cutting short his Christmas vacation and is arriving Washington tomorrow to resume budget talks, the White House said. New York's main contract, light sweet crude for delivery in February rose 46 cents to $89.07 a barrel and Brent North Sea crude for February gained 55 cents to $109.35. Worries over the stalled fiscal cliff talks had Monday driven benchmark oil prices lower, with the contract closing down 5 cents at $88.61 a barrel on the New York Mercantile Exchange.