Kuwait crude increases to USD 112.90 pb

Price of Kuwaiti crude oil went up by USD 0.23 to USD 112.90 per barrel on Wednesday compared to USD 112.67 pb the day before, Kuwait Petroleum Corporation said, Thursday. This increase came due to protests within the oil sector in Nigeria, the largest oil producing nation in Africa. It also came as a result of increasing threats by Iran to close the Strait of Hormuz, an outlet for about the third of the world's oil flow. OPEC announced last Tuesday that the price of its basket of crude had increased by USD 0.47, settling at USD 112.98 after registering USD 112.51 on Monday.