Kuwaiti crude edges up
The hike in price of crude oil comes amid anticipation over the US Federal Reserve's decisions regarding monetary policy. There is expectation the bank would maintain interest rate as is and also keep up incentives to invigorate the world's biggest economy, which pushed up demand for crude.
Forward trades were sealed on an up of 1.2 percent in New York. The market now awaits the US crude reserves report after some official data indicated an increase of 4.3 million barrels in the stockpile last week.
In electronic trading in the New York Mercantile Exchange, prices of crude for March delivery came down 5 cents to USD 97.52 pb, after reaching the highest level since September 14 Tuesday. Brent contracts for March delivery meanwhile came up 6 cents to USD 114.42 pb.
- Gulfnet collaborates on global cybersecurity platform
- Middle East poised to become an industry leader in 3D printing
- UAE Space Agency, Lockheed Martin ‘blast off’ with professional training program
- Show me the money: Lebanon addresses bank transfer delay problems
- Kuwait to receive French helicopters in $1.1B deal