Kuwaiti crude price reaches $105.92

The price of Kuwaiti crude oil rose by USD 19 cents to USD 105.92 pb on Friday from USD 105.73 pb the day before, Kuwait Petroleum Corporation (KPC) said Saturday. The decline is in keeping with the retreat of the prices on the global market as a result of concerns about the US financial policy. Reports about possible drastic cuts in the US spending and weak economic data from the Euro-zone shrouded in mystery the outlook of global economy and pushed down the prices of Brent crude futures. The Brent futures for April delivery closed the last trading session down by 30 cents at USD 110.85, a record low in six weeks, according to KPC daily bulletin. In NYMEX the prices of the US crude oil went up by USD 39 cents yesterday with the light crude futures for April delivery settling at USD 91.95 pb, a record low since last December.