Kuwait crude price rises by $1.15 to $99.89 pb

Kuwait Petroleum Corporation (KPC) said on Wednesday that the price of Kuwait's crude oil rose by USD 1.15 in Thursday's trading to settle at USD 99.89 per barrel (pb) compared with USD 98.74 a day earlier. Meanwhile, the price of crude oil in the New York Mercantile Exchange (NYMEX) reached its highest level in a week due to a report by US energy authorities in regards to oil reserves in the country. Contracts for crude for July delivery at the New York Mercantile Exchange (NYMEX) came to an average of USD 94.85 pb, marking the highest level at USD 95.11 a barrel and the lowest at USD 94.67 a barrel.