Oil price nears $102

The price of oil neared $102 a barrel Wednesday for the first time since May last year, according to a report of the Associated Press. Benchmark crude for August delivery was up $2.07 to $101.65 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract gained $1.61, or 1.6 percent, to close at $99.60 on Tuesday in New York. Brent crude was up 94 cents to $104.94 a barrel on the ICE futures exchange in London. In other energy futures trading on Nymex: - Wholesale gasoline was up 2.7 cents to $2.81 a gallon. - Heating oil added 2.6 cents to $2.927 a gallon. - Natural gas was down 1.2 cents at $3.642 per 1,000 cubic feet.