(MENAFN - Kuwait News Agency (KUNA)) Kuwait Petroleum Corporation (KPC) said on Saturday price of Kuwait's crude oil rose USD 2.16 in trading on Friday to settle at USD 109.32 per barrel (pb) compared to USD 107.16 pb on Thursday.
Prices of crude oil on the international markets have turned bullish, partly due to a tight-belt policy, adopted by Spain, and rising political tensions at several fronts on the global arena.
Meanwhile, future contracts for the Brent crude rose to the level of USD 113.01 pb, on Friday. Price of the light US crude oil increased 70 cents, reaching USD 93.56 pb.
The upward trend of the crude prices is boosted with Spain's revelation of the 2013 budget, with projected trimmed expenditure.
Remarks by Israeli leaders, namely Prime Minister Benjamin Netanyahu, ruling out an imminent military operation against Iran's nuclear sites, have also contributed in bringing the price of the crude up.
Iran, geographically located close to several oil-producing countries in the Gulf region, is also a producer of the crude.
Tehran had threatened to shut the strategic Hormuz strait, through which bulk of the regional oil output passes to the international market, in case it was targeted with a military offensive.