Oil prices rise as storm aims for East Coast

The price of oil rose slightly Friday as data showed the U.S. economy is muddling along and the East Coast prepares for a potentially damaging storm.
By SANDY SHORE, AP Business Writer Modified: October 26, 2012 at 4:53 pm •  Published: October 27, 2012
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In brief

Storm pushes oil price up

The price of oil rose slightly Friday as data showed the U.S. economy is muddling along and the East Coast prepares for a potentially damaging storm. Benchmark oil rose 23 cents to end at $86.28 per barrel.

A storm predicted to hit the East Coast early Sunday, with heavy rain, winds and perhaps snow lingering into Halloween, has the potential to force refinery closures and delay delivery of imports.

Although oil rose slightly Thursday and Friday, it fell 4.2 percent for the week. The U.S. remains well-supplied with oil while demand for gasoline is down as large numbers of Americans are unemployed and don't drive to work.

That's led to lower pump prices. The national average price for gasoline fell 2.4 cents overnight to $3.575 per gallon, according to AAA, Wright Express and the Oil Price Information Service. That's 23 cents less than it was a month ago although still 13 cents more than this time last year.

Associated Press