Oil prices rose above $85 per barrel on Thursday Nov. 8, 2012 as postelection volatility continued.

Crude oil rose 75 cents to $85.19 in afternoon trading on the New York Mercantile Exchange. That followed a decline of 5 percent on Wednesday, when traders were spooked by worries about budget negotiations in the U.S. Analysts also say that oil supplies and production are high, which tends to drive down prices.

Oil analyst Jim Ritterbusch expects this week's price volatility to subside, but there's still a bias toward new lows. The U.S. has large inventories of oil and production is at 17-year highs, he wrote.

In other trading, Brent crude, which is used to price international varieties of oil, rose 42 cents to $107.24 per barrel in London.