Oil down in Asia on eve of US presidential vote

Gas prices are seen over $4.00 a gallon, Thursday, Oct. 4, 2012 in Twin Mountain, N.H. FILE PHOTO

Oil fell in Asia Tuesday with trading subdued ahead of knife-edge US presidential elections and the start of a leadership transition in China, analysts said.

New York’s main contract, light sweet crude for delivery in December, shed three cents to $85.62 a barrel while Brent North Sea crude for December delivery fell eight cents to $107.65.

“Volumes remained low ahead of the presidential elections… and China’s change in leadership,” IG Markets said in a report.

“Instead of the usual Monday flurry, markets were decidedly quiet as no one wanted to take any big bets ahead of the race for the White House, which remains on a knife-edge.”

US voters head to the polls later Tuesday with the race between President Barack Obama and Republican challenger Mitt Romney too tight to call, although Obama holds a slight edge in crucial swing states.

In China, Communist Party politicians were gearing up for a once-in-a-decade leadership change scheduled to take place at a Party congress, which starts on Thursday.