* Obama, Romney neck-and-neck as U.S. votes - polls
* Greece funding deal unlikely next week -source
* Coming Up: API weekly U.S. crude stocks; 2130 GMT
(Recasts with updated prices; paragraphs 1-8, 12)
LONDON, Nov 6 (Reuters) - Brent crude rose above $109 per barrel on Tuesday, tracking a rise in equity markets, while uncertainty over the U.S. election outcome and worries about euro zone crisis remained in focus.
President Barack Obama and Republican challenger Mitt Romney were neck-and-neck as Americans began casting their votes, polls showed on Tuesday, raising concerns a cliffhanger would delay the outcome.
News that a deal to keep near-bankrupt Greece afloat may not be sealed at a euro zone finance ministers' meeting next week reinforced concerns about the sluggish global economic recovery and its impact on oil demand.
Front month Brent futures were up $1.47 at $109.20 per barrel by 1420 GMT, as bargain hunters returned to the market following heavy selling last week.
U.S. crude rose $1 to $86.65 per barrel.
``The market was oversold (last week),'' Christopher Bellew, a broker at Jefferies Bache, said. ``It has been a very long move downwards from $115 down to about $105, so it's quite likely that we are going to continue upwards.''
European equities edged higher, helped by stronger travel and technology stocks.
But investors remained cautious as voters in the world's top oil consumer went to the polls. The close U.S. presidential race raised the prospect of a disputed outcome similar to the 2000 election, which was decided by the U.S. Supreme Court.
``The outcome of the election (and) the composition of Congress will be very important in the U.S. in terms of its ability to take decisions and action on the fiscal cliff issues,'' said Bjarne Schieldrop, chief commodity analyst at SEB in Oslo.
The absence of a decisive win and a clear Congress majority raises the chances of messy negotiations over the ``fiscal cliff'', nearly $600 billion worth of spending cuts and tax increases that risk pushing the U.S. economy into deep recession, analysts say.
Investors were also monitoring the aftermath of storm Sandy on the U.S. East Coast and the Greek situation.
Euro zone debt concerns resurfaced after a senior EU official said the currency bloc's finance ministers were unlikely to strike a deal next week to keep Greece afloat by providing more bailout money.
Tens of thousands of Greek workers began a 48-hour walkout, the third major strike in two months against a package of spending cuts and reforms that Prime Minister Antonis Samaras's government is trying to push through parliament to unlock aid.
``Markets might again be tempted to price in higher odds of a 'Grexit','' analysts from JBC Energy led by David Wech said in a note.
Investors also looked for data due later on Tuesday from the American Petroleum Institute for clues to the impact of Sandy on U.S. oil inventories.
Crude inventories are forecast to have risen by 0.9 million barrels in the week to Nov. 2 and oil product stocks to have fallen after disruptions to pipelines, imports and refineries, a preliminary Reuters poll of analysts showed.
(Additional reporting by Ramya Venugopal in Singapore; Editing by Jane Baird)