Kuwaiti crude price up to $102.29 per barrel

Price of Kuwaiti crude oil went up 28 cents, settling at USD 102.29 per barrel (pb) on Tuesday compared to USD 102.01 pb on Monday, Kuwait Petroleum Corporation (KPC) said in a statement on Wednesday. As Kuwaiti crude increased, US oil futures dropped more than two dollars pb yesterday, while US light oil futures of December delivery ended the trading session in the New York Mercantile Exchange (NYMEX) by dropping USD 2.10 by 2. 21 percent to reach USD 92.91 pb. This drop in US oil came during forecasts that Federal Reserve Board might alleviate the monetary stimulus program, a step expected to put restrictions on funds, and force investors to refrain from buying high risk assets like shares and goods. In London Stock Exchange, Brent crude oil dropped by 59 cents, of 0.55 percent to reach USD 105.92, while Brent benefited from disruption of Libyan oil exports, and absence of any agreement between Western countries and Iran regarding the Iranian nuclear file.