Oil rises ahead of US election

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.

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