Kuwait crude settles at $105.88

Kuwaiti crude oil went up USD 1.04 to settle at USD 105.88 per barrel (pb) on Wednesday, compared with USD 104.84 pb the day before, said Kuwait Petroleum Corporation (KPC) on Thursday. Crude prices were positively affected by the US economy - the world's biggest oil consumer - where real-estate and commodities markets witnessed a notable rise in the New York Mercantile Exchange (NYMEX). The US oil reserves, meanwhile, recorded a surplus of USD 3.3 million pb to reach USD 385.9 million pb in comparison to last week's reading where it showed a drop of USD 1.3 million pb. Prices of the US crude oil future contracts peaked at USD 96.24 pb and their lowest was 95.57 pb in yesterday's NYMEX session.