Kuwaiti crude increases USD 1.82 to 112.14 pb

The price of Kuwaiti crude oil increased USD 1.82 to reach USD 112.14 per barrel (pb) on Monday, compared to USD 110.32 per barrel on Friday, said Kuwait Petroleum Corporation (KPC) on Tuesday. The increase in oil prices came after US President Barak Obama announced that democrats and republicans have agreed to raise the US debt ceiling to USD 14,3 trillion until year 2012 which was a positive sign toward greater economic recovery in the world. Meanwhile, the price of the 12-crude basket of the Organization of Petroleum Exporting Countries (OPEC) rose USD 1.39 to USD 113.57 per barrel (pb) Monday, from USD 112.18 pb Friday. Kuwaiti crude is one in a basket of 12 crudes produced by OPEC members, along with Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE), and Merey (Venezuela).