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Kuwait’s crude price up $1.67 Oil settles at $105.45 pb

KUWAIT CITY, Aug 14, (KUNA): Price of Kuwaiti crude oil rose $1.67 in Tuesday’s trades to settle at $105.45 per barrel (pb), compared to $103. 78 pb the day before, said Kuwait Petroleum Corporation on Wednesday.
Crude oil prices recorded an increase rate by 1.6 percent due to the shutdown of two important ports used for oil exports in Libya yesterday, leading to the suspension of some of Libya’s oil exports. This shutdown contributed in raising fears concerning oil supply in the market, after workers in ports deliberately went on strike, the first in Libya since 2011, especially as the ports’ export capacity is estimated to approximately 600,000 bpd.

The oil market is currently being affected with other factors, namely the anticipation of the US declaration of plans by the Federal Reserve to shore up the American economy. Moreover, traders in the oil market are looking forward for the US declaration about its crude reserves. Crude oil was traded at the New York market, yesterday (Tuesday), at $105.14-106.54 pb compared to the Brent crude, $109.65 pb.

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