Kuwaiti crude price up USD 0.50

The price of Kuwaiti crude oil increased USD 0.50, settling at USD 107.47 per barrel on Tuesday, compared to USD 106.97 pb last Monday, said the Kuwait Petroleum Corporation (KPC) on Wednesday. This light increase in oil prices is based on investors expectations of increasing demand on oil, coinciding with the recovery of Japanese exports, in addition to the European leader's actions to contain the Eriozone debt crisis. Kuwaiti Export crude is one in a basket of 12, 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)