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Oil up but gains are modest amid reduced US demand
Nov 5th 2012, 05:59

PAMELA SAMPSON AP Business Writer= BANGKOK (AP) — Oil prices rose Monday, but gains were modest amid reduced demand for oil in the storm-stricken U.S. northeast. Benchmark oil for December delivery bounced back from a nearly four-month low, rising 31 cents to $85.17 per barrel by midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $2.23, or 2.2 percent, to close at $84.86 a barrel on Friday — its lowest level since July 10. Traders attributed the plunge to the U.S. government's decision to temporarily allow foreign oil tankers coming from the Gulf of Mexico to enter northeastern ports. That will help ease a fuel shortage in the areas hardest hit...

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