Oil Prices Rise Amid Unrest in Egypt

Oil prices pushed closer to $102 a barrel on Wednesday — the highest level in over a year — as embattled Egyptian President Mohammed Morsi vowed not to resign hours before a deadline to yield to the demands of millions of protesters.

Benchmark crude oil for August delivery was up $2.07 to $101.67 a barrel in electronic trading on the New York Mercantile Exchange. The contract gained $1.61, or 1.6%, to close at $99.60 on Tuesday in New York.