Oil prices surged above $70 a barrel Tuesday in the final hours of a two-year U.S. presidential campaign, mirroring global stock markets that strengthened from Asia to Europe. A weaker dollar helped too.

As the pace of industry has slowed and businesses consume less crude, the price of oil has fallen $30 from just over a month ago. Light, sweet crude for December delivery rose $6.62 to settle at $70.53 a barrel on the New York Mercantile Exchange.