KUWAIT, May 22 (KUNA) -- The price of Kuwaiti oil went up 77 cents, reaching USD 105.41 per barrel on Wednesday, compared to USD 104.64 pb the day before, said Kuwait Petroleum Corporation (KPC), Thursday.
The global oil price was affected by energy reports connected to strategic crude reserves in the US, the world's largest energy consumer.
US crude oil reserves went down by 7.2 million barrels, exceeding forecasts that retreat in reserves would reach 100,000 barrels. Current US crude reserves stand at 391.3 million barrels, which is higher than the average for this time of year.
The global price was also influenced by events in Libya, the main African oil exporter. The global market is currently anticipating the signing of a USD 400 billion energy deal between Russia and China.
On Wednesday, crude oil was traded at USD 103.81 per barrel in the New York Mercantile Exchange (NYMEX) with the highest trading price reaching USD 104.28, while the lowest was at USD 102.80.(end)