Now that the U.S. presidential election is decided, the oil market is back to worrying about the global economy.

Benchmark oil fell $2.67, or 3 percent, to $86.04 per barrel Wednesday in New York. It rose 3.5 percent Tuesday, ahead of President Obama's reelection.

The European Union is warning that the region's economy will deteriorate further and the 17 countries that use the euro will soon slide into recession.

The focus in the U.S. is turning to a package of tax increases and spending cuts known as the "fiscal cliff" that will take effect unless Congress acts by Jan. 1.

Slower economic growth means less demand for oil, gasoline and other energy products.

At the pump, AAA says the national average price for gasoline remains at $3.46 per gallon.