Kuwait crude oil at $99.59

31/08/2014 02:20 AST

The price of Kuwaiti crude oil spiked 45 cents in Friday’s transactions, reaching the level of $99.59 a barrel compared to $99.14 the day before, according to oil prices announced by Kuwait Petroleum Corp. on Saturday.

Meanwhile, US oil prices gained Thursday on upbeat economic data, while global benchmark Brent ticked lower despite escalating tension in Ukraine.

Light, sweet crude for October delivery settled up 73 cents, at $103.195 a barrel on the New York Mercantile Exchange, a six-session high.

According to commodities watchers, stronger economic growth can lead to higher demand for petroleum products in the US, the top oil-consuming nation.

On the other hand, geopolitical unrest, such as the tension over Ukraine, typically causes oil prices to rise on concerns of a supply disruption. However, while some market watchers worry that additional sanctions on Russia could crimp oil supplies, other oil-market participants say that increased sanctions could also hurt demand and slow European economic growth.


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