Tags: Oil | Prices | rise | election

Oil Prices Rise Ahead of Election

Monday, 05 Nov 2012 04:02 PM

The price of oil rose Monday in New York as investors awaited 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 Monday:

— 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.

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The price of oil rose 79 cents to $85.65 a barrel on the New York Mercantile Exchange Monday.
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