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AP News

Oil price fluctuates near $85 ahead of US election

The price of oil is slightly higher 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 31 cents to $85.16 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 17 cents to $105.85 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 slightly since last Monday in New York and New Jersey, where the energy infrastructure was battered by Superstorm Sandy.

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