Kuwaiti crude slips $0.54, settles at $120.58

09/03/2012 08:24 AST

Price of Kuwaiti crude dropped 54 US cents to $120.58 per barrel (pb) in Wednesday's trading as compared to $121.12 pb on Tuesday, the state-run Kuwait Petroleum Corporation (KPC) said on Thursday.

The price of the national crude oil slightly dropped, on Wednesday, despite rise of the rates on the international markets, due to a stable dollar and hike of the US crude reserves, last week. Upbeat atmosphere was also strengthened with reports about forecast ability of Greece to pay its debts and avert bankruptcy.

The prices of oil have not been stable due to various geopolitical events, the Iranian nuclear file and noticeable activity by speculators, seeking to capitalize on these conditions.

In more news, oil rose above $125 a barrel on Thursday on expectation that Greece would win enough creditor support to avoid a messy default on its debt, and after Iran's Supreme Leader Ayatollah Khamenei said talks of sanctions against Iran were 'delusional.'

Crude recovered from losses earlier in the week after a Greek government official said its bond swap offer was going well as banks and funds showed support, spurring optimism that the deal will pass and clear the way for a bailout package to avert an immediate default. Both Brent and US light sweet crude held gains after a government report showed initial claims for jobless benefits rose unexpectedly last week.

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