Oil price fluctuates near $85 ahead of US election

Oil price fluctuates near $85 a barrel as markets remain cautious ahead of US elections

Associated Press
Oil falls to lowest level since July
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FILE - In this Saturday, Nov. 3, 2012, file photo, people wait in line with containers to purchase gasoline at filling station in Metuchen, N.J. The price of oil is slightly higher Monday, Nov. 5, 2012, as investors remain cautious ahead of the U.S. presidential election. They're also assessing how much demand for oil has dropped in the storm-stricken Northeast. (AP Photo/Mel Evans, File)

NEW YORK (AP) -- The price of oil rose slightly Monday as investors remain cautious ahead of the U.S. presidential election. They're also assessing how much demand for oil has dropped in the storm-stricken Northeast.

Benchmark oil rose 21 cents to $85.07 a barrel on the New York Mercantile Exchange. On Friday, oil slumped $2.23 to close at $84.86 a barrel.

Brent crude, which is used to price international varieties of oil, rose 86 cents to $106.54 a barrel on the ICE Futures exchange in London.

AAA says the national average price for gasoline has dropped 7 cents in the past week to $3.47 per gallon. But gas prices have risen somewhat in New York and New Jersey, where the energy infrastructure was battered by Superstorm Sandy.

In other trading in New York:

— Wholesale gasoline rose 2 cents to $2.60 per gallon;

— Heating oil gained 1 cent to $2.96 per gallon;

— Natural gas rose 1 cent to $3.69 per 1,000 cubic feet.

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