News Column

Kuwaiti crude to USD 107.68 pb

June 19, 2014

KUWAIT, June 19 (KUNA) -- Gaining 74 cents, Kuwaiti crude oil was selling for USD 107.68 per barrel (pb) on Wednesday, reported Kuwait Petroleum Corporation on Thursday, noting the previous price of USD 106.94 pb.

Oil markets were affected by stock pile data from the US, the world's top consumer, which indicated a drop of 600,000 barrels to 386.3 million barrels.

There was also the Federal Reserve's decision to keep reference interest rate at 0.25 percent, and the decision to reduce the reserve's purchase of bonds tied to mortgages and state treasury bonds by USD 10 billion, which bolsters the US greenback's performance.

Markets were also overshadowed by anxiety over the situation in Iraq, second biggest oil producer in OPEC, after armed groups broke into the country's biggest oil refinery in Beiji. This heightens anxiety over possible disruption in oil supply.

At the New York Mercantile Exchange, contracts were at the USD 105.8 pb level, hitting a low of USD 105.37 and a high of USD 106.59 pb.(end) mjb.tb.wsa

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Source: Kuwait News Agency

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