Kuwaiti crude up to USD 97.72 pb

The price of Kuwaiti crude oil was up USD 1.5 per barrel (pb) to come to 97.72 pb on Wednesday, compared to Tuesday's USD 96.22 pb, said Kuwait Petroleum Corporation on Thursday.The increase in oil prices comes after the US Petroleum Institute annoucned a decline a decline in US oil reserves.The debt crisis is putting much strain on crude contracts, since it affect the European economy as a whole, and threatens a global recession and thus 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).