Kuwaiti crude price rises to $106.69 per barrel

Price of Kuwaiti crude oil rose by USD 0.7 in Monday's trades to settle at USD 106.69 per barrel (pb) compared to USD 106.62 pb last Friday, said Kuwait Petroleum Corporation on Tuesday. The European and United States' economic data were absent in the oil markets, considering their impact on oil's trading, amid investors' wait-and-see attitude toward the US Federal Bank declaration by Wednesday, which is expected to show stabilizing of interest rates between the historic low rates of zero to 0.25 percent, as well as keeping the Reserve's Asset Purchase Programs (quantitative easing), valued at USD 85 monthly. The oil markets were also affected by the political current events in the Middle East, especially in Egypt which operates Suez Canal, a key waterway, besides fears related to crude supplies, considering that around three million barrels of international oil pass through the Suez Canal on daily basis.