Kuwaiti crude price rises to nearly $104 per barrel

Price of Kuwaiti crude oil rose 27 cents in Monday's trades to settle at USD 103.78 per barrel (pb), compared to USD 103. 51 pb the day before, said Kuwait Petroleum Corporation on Tuesday. Crude oil prices have been relatively buoyed by economic reports by the world second oil consumer, China, in end of last week, showing unpredicted growth of industrial production in July. Chinese external trades, namely exports and imports, grew in July, signaling that the globe second largest economy was on the right track toward recovery, in addition to upbeat outlook for this economy -- expected to lead to boosting the crude prices. 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 (Monday), at USD 105. 99-106.35 pb compared to the Brent crude, USD 108.30 pb.