Oil climbs more than $1

Crude climbed more than $1 on Monday, sending Brent above $118, after US President Barack Obama said congressional leaders agreed on a debt deal to avert default, improving the prospects for oil demand from the world\'s top consumer.Obama urged both Democratic and Republican lawmakers to support the deal, which was likely to be voted on Monday. The agreement brightens the outlook for energy use as it may help keep the fragile US economic recovery on track.Brent crude advanced $1.50 to $118.24 a barrel by 0416 GMT, rebounding from an almost two-week low hit in the previous session. Brent is less than $9 from this year\'s peak above $127, while US crude gained $1.45 to $97.15.\"The market is cautiously optimistic, so we could potentially see a euphoric rally,\" said Jonathan Barratt, managing director at Commodity Broking Services in Sydney. From / Arabian Business