Kuwaiti crude oil jumped 60 cents to settle at USD 105.84 per barrel (pb) Tuesday compared with USD 105.24 pb, said Kuwait Petroleum Corporation on Wednesday.
It noted that the price rise came as energy markets set aside worries about a financial crisis in Cyprus over bank deposits taxation.
The KPC also expected an increase of 2 million barrels in US crude oil reserves to hit 386 million barrels vis-@-vis an expected 2 million-barrel decline in the US gasoline reserves.
If the reserves' forecasts turned to be accurate, the oil prices would take a downward journey in the coming days, it added.
The price of the US crude oil for April delivery was up 8 cents to USD 93.
82 per barrel in trading on the New York Mercantile Exchange while the price of Brent crude oil hiked by 31 cents to USD 109.51 per barrel.