The price of oil hovered near $108 a barrel on Wednesday, AP reported. Benchmark oil for October delivery was down 60 cents to $107.94 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. Oil rose above $108 a barrel Tuesday. The contract gained 89 cents, or 0.8 percent, to close at $108.54 on the Nymex. Brent, the benchmark for international crudes, fell 38 cents to $115.31 a barrel on the ICE Futures exchange in London.