Price of Kuwaiti crude oil rose by USD 0.56 to USD 101.18 per barrel (pb) on Thursday, compared to USD 100.62 pb a day before, the Kuwait Petroleum Corporation (KPC) said on Friday.
Oil prices were up in global markets owing to the geopolitical tensions in Iraq, Libya and Ukraine, raising fears of rapid developments in any of the three regions, which led prices higher after declines over the past period, with the lowest rate nine months ago.
US crude was traded at the New York bourse, yesterday, at USD 95.45 pb, while the Brent crudes stood at USD 102.57 pb.