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.
- Oman’s Duqm tourist complex moves forward with government approval
- Kuwait fights budget deficit: Reexamining government salaries, expatriate labor
- Tunisian Confederation of Industry, Trade, and Handicrafts fights nationwide unemployment levels
- Construction costs fall in Dubai
- Western tourists flock to Iran, could generate $30B in new revenue