KN:Kuwait oil up USD 0.56 pb, settles at USD 106.26 pb
KUWAIT, Sept 22 (KUNA) -- Price of the Kuwaiti crude increased USD 0.56 in Wednesday's trading to settle at USD 106.26 per barrel (pb), compared to USD 105.70 pb Tuesday, Kuwait Petroleum Corporation (KPC) said on Thursday.
Crude oil prices are currently up due to US Federal Bank announcement of an incentive plan to backup the American economy, which would have great influence on the recovery of the global economy.
However, fears over the European Union (EU) ability to overcome the sovereign debt crises are still present.
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).
The OPEC basket of crudes gained USD 0.37 yesterday, to reach USD 108.29 pb, compared to USD 108.68 pb on Monday.(end) mam.ysa.gta KUNA 221136 Sep 11NNNN
