Oil rises above $101 as Middle East tensions rise

Oil rises above $101 as Middle East tensions rise
By PAMELA SAMPSON
AP Business Writer

BANGKOK (AP) -- Oil rose above $101 a barrel Wednesday in Asia as escalating tensions in the Middle East outweighed lingering concerns about Greece's ability to implement austerity measures to resolve its debt crisis.

Benchmark crude was up 80 cents to $101.55 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 17 cents to finish at $100.74 per barrel in New York on Tuesday.

Brent crude was up 80 cents at $118.15 per barrel in London.

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