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Kuwait oil barrel drops 14 cents to USD 102.75 on Wednesday

January 31, 2014

| KUWAIT , Jan 30 (KUNA) -- The price of Kuwaiti oil barrel dropped 14 cents reaching USD 102.75 per barrel on Wednesday, compared to USD 102.89 on Tuesday, said Kuwait Petroleum Corporation (KPC) on Thursday. Oil prices have been stable while investors in oil markets are anxiously awaiting the US Federal Reserve Bank's decision to cut down the Quantitative Easing program by USD ten billion to reach a monthly rate of USD 65 billion . The bank will cut the rate down by reducing the mortgage-backed bonds buying program to USD 30 billion from USD 35 billion , and reducing the treasury bonds buying program to USD 30 billion from USD 40 billion . Oil crude contracts of March delivery reached USD 97.15 per barrel in New York Mercantile Exchange (NYMEX), recording the highest price at USD 97.48 , and the lowest at USD 96.77 . (end) KUNA 301524 Jan 14NNNN All KUNA right are reserved

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Source: Kuwait News Agency

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