Kuwait oil price rises to $102.78 pb

Price of Kuwaiti crude oil rose 83 cents reaching USD 102.78 per barrel (pb) on Wednesday compared to USD 101.95 pb the day before, Kuwait Petroleum Corporation (KPC) said on Thursday. Prices of the crude worldwide have been affected with an official announcement in the US about prospected cut of bonds' buying, as part of a new approach by strategists to lessen incentives for the world's largest economy. US crude reserves dropped by 313,000 barrels yesterday, and the Brent curdes' contracts for August rose to USD 106.12 pb. In New York, contracts of the crude forwards for July delivery opened yesterday at USD 98.02 pb trading at USD 97.46 pb. Highest level reached USD 98.03 pb and the lowest, USD 97.35 pb.