Kuwaiti crude edges up

Kuwaiti crude edges up
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Published January 31st, 2013 - 11:16 GMT via SyndiGate.info

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Kuwaiti crude oil prices were up in yesterday's trading
Kuwaiti crude oil prices were up in yesterday's trading
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New York
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Kuwait Petroleum Corporation
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New York Mercantile Exchange
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US Federal Reserve

Kuwaiti crude oil was up USD 1.09 per barrel to sell for USD 109.93 pb on Wednesday, said the bulletin of Kuwait Petroleum Corporation on Thursday. This compares to USD 108.84 pb in trades Tuesday.

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.

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