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Oil rises as US picks a president

FILE - In this Saturday, Nov. 3, 2012, file photo, people wait in line with containers to purchase gasoline at filling station in Metuchen, N.J. The price of oil is slightly higher Monday, Nov. 5, 2012, as investors remain cautious ahead of the U.S. presidential election. They're also assessing how much demand for oil has dropped in the storm-stricken Northeast. (AP Photo/Mel Evans, File)

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.