Oil prices rose ahead of the release of US industrial production data for December that analysts expect will show additional evidence of a gradual economic recovery. Benchmark oil for February delivery was up 33 cents to $93.61 a barrel in electronic trading on the New York Mercantile Exchange. The contract had dropped 86 cents to finish at $93.28 a barrel last night. Brent crude, used to price international varieties of oil, rose 16 cents to $109.79 per barrel on the ICE Futures exchange in London. Analysts also said that oil prices were reflecting caution as another heated fiscal debate began brewing in Washington. Just weeks after striking a deal to avoid the "fiscal cliff," US lawmakers and President Barack Obama are heading for another showdown over the debt ceiling. Congress must act to raise the congressionally set $16.4 trillion debt ceiling. If that ceiling is not raised by sometime in February or early March, the government will not be able to pay all its bills.

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