The price of Kuwaiti crude oil came down 61 cents to reach USD 105 per barrel (pb)
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The price of Kuwaiti crude oil came down 61 cents to reach USD 105 per barrel (pb) on Wednesday, said Kuwait Petroleum Corporation on Thursday.
The crude was trading at USD 105.61 pb on Tuesday and global prices have been in flux recently, going up and down within the range of 100-110 pb.
Prices are influenced by main factors including supply and demand mechanism, US dollar exchange rate, global crude reserves, and geopolitical factors and speculation.
The prices started a general upward trend with the start of 2011 having ended 2010 on an average of USD 90-93 pb. With the start of unrest in Libya, prices hiked to a range closer to USD 120 pb.
Under the influence of many events, including the Japan quake, the hike and drop of the US greenback, the European sovereign debt crisis, and OPEC statements and decisions, prices came down to the range of USD 100-110 pb.(end) asj.ysa.wsa KUNA 231205 Jun 11NNNN
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