Kuwaiti crude oil up to $105.64 per barrel

The price of Kuwaiti crude oil went up USD 1.49 per barrel (pb) on Tuesday to reach USD 105.64 pb, said Kuwait Petroleum Corporation (KPC) on Wednesday. A state of tug and pull prevailed over the market yesterday due to speculative activity and investors waiting for fresh data, as it is now obvious the recently hailed hard-won deal between Iran and the P5+1 over Tehran's nuclear activity would not result in any immediate rise in supply from Iran to "flood the market" as some had feared. In London, BRENT forward price declined USD 0.12 pb upon settlement yesterday to come to USD 110.88 pb, while the US crude lost USD 0.41 pb to reach USD 93.68 pb in New York. In general, BRENT outdid West Texas Intermediate crude most of the time and the margin between the two benchmark crudes came to its highest in eight months at USD 17.2 pb.