Kuwaiti oil barrel up by 41 cents to $102.33

Kuwait Petroleum Corporation (KPC) said on Tuesday price of Kuwaiti oil barrel rose 41 cents on Monday reaching USD 102. 33 compared to USD 101.92 on Friday. International oil markets had seen rise in oil prices, with the International Energy Agency releasing reports about high energy demands. Daily international oil consumption is expected to increase 1.4 million barrels, which is an increase of 1.5 percent during 2014. Demand by member states of Organization of Petroleum Exporting Countries (OPEC) is forecast to hike by 100,000 barrels per day. Price of crude oil in New York Mercantile Exchange (NYMEX) reached USD 99. 01 per barrel, its highest rate at USD 99.27 pb and its lowest at USD 98.07 pb.