KUWAIT, Oct 7 (KUNA) -- The price of Kuwaiti crude oil was up USD 1.94 per barrel (pb) to come to 99.66 pb on Thursday, compared to Wednesday's USD 97.72 pb, said Kuwait Petroleum Corporation on Friday.
The increase in oil prices came after the US Petroleum Institute annoucned a decline in US oil reserves.
The debt crisis is putting much strain on crude contracts, since it affects the European economy as a whole, and threatens a global recession and thus rises demand for crude.
The OPEC basket, which is the virtual point of reference for oil markets, includes Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE), and Merey (Venezuela).(end) asg.ysa.hs KUNA 071410 Oct 11NNNN
