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US dollar losses, attack on US embassy push up oil prices.

| KUWAIT, Feb 2 (KUNA) -- Oil prices went up in the last two days mainly due to the retreat of the US dollar against the Euro and the bomb attack on the US embassy in Ankara yesterday.

In its weekly report issued here on Saturday, the International Financial Brokerage Group (IFBG) said the bomb blast aroused concerns over tensions in the Middle East, the main source of the world energy, amid unstable financial market.

The US Crude futures ended the last week 2 percent up for the eight week running while Brent Crude futures closed above USD 116 pb yesterday - a four-month record high, according to the report.

The US crude ended the week up by USD 1.89 or 1.9 percent as the Brent Crude continues gains for the third week running, the report said, citing NYMEX data.

The US light crude futures for March delivery closed at USD 97.77 pb up by 28 cents, or 0.29 percent. The Brent Crude futures, March delivery, went up by USD 1.18 to USD 116.73 pb, a record high since mid-September last year, before declining to USD 116.

25 pb.

Meanwhile, the West Texas Intermediate (WTI) declined by 65 cents to USD 96.

84 pb, it added. (end) asj.smh.gb KUNA 021805 Feb 13NNNN

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Publication:Kuwait News Agency (KUNA)
Date:Feb 2, 2013
Words:231
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