Oil price steadies after year's biggest drop

Associated Press
A pedestrian walks past the New York Stock Exchange the day after Pres. Barack Obama was re-elected, Wednesday, Nov. 7, 2012 in New York. The price of oil tumbled nearly 5 percent Wednesday, its biggest decline of the year, as traders shifted their focus back to the struggles of the global economy.  (AP Photo/Henny Ray Abrams)
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A pedestrian walks past the New York Stock Exchange the day after Pres. Barack Obama was re-elected, Wednesday, Nov. 7, 2012 in New York. The price of oil tumbled nearly 5 percent Wednesday, its biggest decline of the year, as traders shifted their focus back to the struggles of the global economy. (AP Photo/Henny Ray Abrams)

The price of oil is above $85 per barrel, getting back a small part of the big losses from Wednesday.

Crude oil is up 73 cents to $85.17 in morning trading on the New York Mercantile Exchange.

Oil prices fell 5 percent on Wednesday. Traders were spooked by worries about budget negotiations in the U.S. Analysts also say that oil supplies and production are high, which tends to drive down prices.

AAA says gasoline prices at the pump are up a fraction of a penny to $3.464 per gallon.

Wholesale gasoline prices are unchanged at $2.59 per gallon in trading in New York. Natural gas prices are down 2 cents to 3.69 per 1,000 cubic feet.

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