Oil rises as U.S. picks a president

CREATED Nov 6, 2012

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NEW YORK (AP) -- The price of oil is rising Tuesday as investors, along with voters across the country, await the results of the U.S. presidential election.

Benchmark crude rose 73 cents to $86.37 around midday in New York. Commodities markets have been fairly quiet this week heading up to the election.

It's a far cry from the boost in oil prices the last time U.S. presidential ballots were cast. Crude gained more than 10 percent on Nov. 4, 2008, while the Dow Jones industrial average rallied 305 points.

The economic crisis in Greece is another factor traders are keeping an eye on. The Greek parliament holds a critical vote this week on a new austerity package that will impose further wage and benefit cuts.