--U.S. presidential election Tuesday keeps investors on edge
--Nymex crude recently traded 11 cents higher at 84.97 a barrel
--Gasoline futures hold near four-month lows
By Jerry A. DiColo
NEW YORK--U.S. crude futures were slightly higher Monday ahead of the presidential election as investors were wary of making bets amid the uncertainty of a close race.
Light, sweet crude for December delivery recently traded 11 cents, or 0.1%, higher at $84.97 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 22 cents lower at $105.46 a barrel.
National polls show a nearly tied race between President Barack Obama and Mitt Romney ahead of election day Tuesday. The Wall Street Journal/NBC News poll had Mr. Obama leading 48% to 47%, within the margin of error of plus or minus 2.55 percentage points.
Oil traders were reluctant to take big directional bets until the results are clear.
"Nobody wants to commit to a position ahead of tomorrow. Everyone wants to wait and see what happens," said Bob Yawger, director of energy futures at Mizuho.
The pause follows a volatile week in the oil and fuel markets after Sandy led to gasoline shortages in the New York area and a release of emergency diesel stockpiles.
Oil and gasoline futures are both near four-month lows as many analysts have predicted the storm will crimp demand despite long lines at the pump in many areas of New Jersey and New York City.
There is plenty of gasoline in the region, according to analysts, but because of power outages and transportation problems, it's been difficult to get fuel to retail stations.
Front-month December reformulated gasoline blendstock, or RBOB, recently was flat at $2.5736 a gallon. December heating oil recently traded 0.01 cent higher at $2.9475 a gallon.
Government officials have taken steps to relieve the supply crunch. The federal government waived the 1920 Jones Act, which prevents foreign tankers from transporting fuel between U.S. ports. And New York Gov. Andrew Cuomo waived a tax on tankers docking in New York's harbor.
On Sunday, the U.S. Energy Information said just 27% of gas stations in the New York City metropolitan area were without gasoline. On Friday, two-thirds of gas stations weren't selling fuel.
Write to Jerry A. DiColo at jerry.dicolo@dowjones.com.
