Oil prices fell Tuesday while a massive storm was pounding the heavily populated U.S. East Coast, reducing demand for fuel by keeping drivers off roads, closing businesses and silencing activity in New York City and other metropolitan areas.
Benchmark oil for December delivery fell 31 cents in midday Bangkok time to $85.23 per barrel inelectronic trading on the New York Mercantile Exchange.
Crude oil prices fell 74 cents, or 1.3 percent, to finish at $85.54 a barrel Monday. The Nymex was closed for the day because of the storm, but electronic trading continued.
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