Kuwait crude price up $0.37 to $105.71 per barrel

Kuwaiti oil price was up by 37 cents to USD 105.71 per barrel (pb) on Thursday compared to USD 105.34 pb the previous day, Kuwait Petroleum Corporation (KPC) said on Friday. Global oil prices also went up after conflicting reports expected withdrawal or reform to US Federal Reserve quantitative stimulus plan from financial markets, a step that would ensure boost to dollar purchases, and in turn lowering global oil prices. Reports on Libyan crude oil also contributed in affecting global oil prices, especially since announcing the resumption of Libyan oil supplies, which reflected negatively on global oil markets. Furthermore, a US Energy report said crude oil reserved declined for the second consecutive week, which affected positively on prices and pushed them back up yesterday.