News Column

Kuwaiti crude price rises to USD 108.17 pb

June 26, 2014

KUWAIT, June 26 (KUNA) -- Price of the Kuwaiti crude oil rose 30 cents to USD 108.17 per barrel on Wednesday compared to USD 107.87 pb on Tuesday, Kuwait Petroleum Corporation (KPC) said on Thursday.

Meanwhile, oil prices have remained under effects of current drastic conditions in Iraq, the second largest crude exporter in the Organization of Petroleum Exporting Countries (OPEC) -- namely armed militants' takeover of the country's largest oil refinery in Biji.

The markets have been also affected with economic reports released in the United States of the world largest economy. Latest figures show decline in the US economic growth, according to final reading of the gross domestic product (GDP) in the first quarter of 2014, largely due to prevailing bad weather.

These negative reports have pushed the US dollar rate to the lowest level, since five weeks ago, vis a vis the other hard currencies, thus leading to rise of the oil prices.

US Department of Energy's weekly report, issued on Thursday, showed a glut in the crude reserves, estimated at 1.7 million barrels, contrary to a forecast shortage of 1.2 million barrels, where the reserves reached 388.1 million barrels, higher than the average in this time of the year.

Oil was traded in the New York bourse at USD 106.39 pb, posting the lowest fall, USD 105.48 pb, and the highest rise, at USD 107.04 pb. (end) mjb.tb.rk

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Source: Kuwait News Agency

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