Kuwait crude price up to $112.86 per barrel

Price of Kuwait crude oil was up 46 cents on Saturday to USD 112.86 pb, compared with USD 112.40 pb the previous day, Kuwait Petroleum Corporation (KPC) said on Saturday. Prices of oil have been rising due to positive economic reports from China and the United States, where prices of forward deals for the Brent crude closed with an up on Friday. The Brent deals concluded delivery contracts for March with a rise of USD 1. 66, settling at USD 118.90 pb, the highest hike since May. Gains of the Brent deals for the week reached USD 2.14. In New York's Nymex, prices of forward deals of the American crude closed with slight drop, on Friday, ending the week with a loss of two percent, due to speculations crude reserves will continue to grow. Meanwhile, Brent crude international contracts grew by more than USD 23. Contracts of the American light crude ended the delivery contracts for March with a drop of 11 cents, settling at USD 95.72 pb. Moreover, the American crude ended the week with a drop of USD 2.05, following eight consecutive weeks of gains.