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Oil price falls as Sandy nears US

Friday, October 26, 2012 | 11:04 AM    

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NEW YORK, USA (AP) - The price of oil is down slightly as the market eyes a massive storm heading for the US East Coast with the potential to force refinery closures and delays in import deliveries.

Benchmark oil fell 9 cents to US$85.96 per barrel Friday.

Forecasters expect the so-called "Frankenstorm" to hit the East Coast beginning early Sunday with heavy rain, winds and perhaps snow lingering into Halloween. That could force refineries to close and demand to drop if residents are forced to stay home during the bad weather.

Meanwhile, the US economy grew at a slightly faster annual rate from July through September but the pace was too weak to increase hiring.

At the pump, AAA says the national average price for gasoline fell 2.4 cents overnight to US$3.575 per gallon.

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