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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.