Oil rises ahead of US election

The Associated Press
Associated Press
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 as investors await the result of Tuesday's U.S. presidential election.

Benchmark oil rose 79 cents to $85.65 a barrel on the New York Mercantile Exchange. Brent crude, which is used to price international varieties of oil, rose $2.05, or 1.9 percent, to $107.73 a barrel on the ICE Futures exchange in London.

AAA said the national average price for gasoline has dropped 7 cents in the past week to $3.47 per gallon. But gas prices have risen in New York and New Jersey, where the energy infrastructure was battered by Superstorm Sandy. It remains to be seen how much demand for oil and refined products has dropped overall in the storm-stricken region

In other trading in New York:

— Wholesale gasoline rose 4.7 cents to $2.62 per gallon;

— Heating oil rose 3.6 cents to $2.98 per gallon;

— Natural gas was unchanged at $3.55 per 1,000 cubic feet.