Oil steadies around $108 as US votes

Wednesday, 7 November 2012 00:27 - - {{hitsCtrl.values.hits}}

(Reuters) - Brent crude held around $108 per barrel on Tuesday, as uncertainty ahead of the U.S. elections and renewed worries about Greece and the euro zone crisis headed traders’ concerns.

President Barack Obama and Republican challenger Mitt Romney were essentially in deadlock on the election eve, polls showed, raising concerns of a cliffhanger delaying the outcome.

News that a deal to keep near-bankrupt Greece afloat may not be reached at a euro zone finance ministers’ meeting next week kept concerns about the sluggish global economic recovery hurting oil demand in focus.

Front month Brent futures were up 35 cents at $108.08 per barrel by 1100 GMT. Brent rallied nearly 2 percent on Monday, driven higher by rising tensions in the Middle East.

U.S. crude rose 35 cent to $86.00 per barrel.