KN:Kuwaiti crude increases USD 0.98 to USD 102.63 pb
KUWAIT, Aug 16 (KUNA) -- The price of Kuwaiti crude oil increased USD 0.98 to reach USD 102.63 per barrel (pb) on Monday, compared to USD 101.65 per barrel on Friday, said Kuwait Petroleum Corporation (KPC) on Tuesday.
The increase in oil prices came after a report on US retails which showed a hike in sales during last month, hitting a record high in the past four months.
The drop in the US dollar against major currencies was also a factor in the increase of today's trading of oil prices.
Meanwhile, the price of the 12-crude basket of the Organization of Petroleum Exporting Countries (OPEC) rose 97 cents to USD 104.78 per barrel (pb) Monday, from USD 103.81 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).(end) mam.ysa.nfm KUNA 161233 Aug 11NNNN
