Kuwait oil up 87 cents to USD 105.65 pb

KUWAIT, July 23 (KUNA) -- The price of Kuwaiti crude oil went up 87 cents to USD 105.65 per barrel (pb) on Tuesday against USD 104.78 pb the day before, the Kuwait Petroleum Corporation (KPC) said here on Wednesday.
Global oil prices have been dwindling away amid growing concerns over the situations in Ukraine and Gaza, given that oil prices are affected by the geopolitical factor.
Oil prices have been affected by the rise in the production capacity of crude oil refineries in the US, the world's major oil consumer.
US crude oil prices hit USD 102.3 pb on Monday, recording the highest level of USD 102.44 pb and the lowest level of USD 101.46 pb. (end) mjb.tg