Kuwait, Mexico announce increases in oil prices

Kuwait is increasing the price of its crude oil by about $3 a barrel, as of Jan. 1, following last week's 10 percent rise agreed to by the Organization of Petroleum Exporting Countries meeting in Bali, Indonesia, according to a Kuwait newspaper.

The new price of a barrel of Kuwait crude would be either $34.50 or $35, compared with $31.50 now.

Also, Mexico announced it is raising its oil prices about 15 percent as of Wednesday. Top-grade onshore "Istmo" crude will cost $38.50 a barrel, up $4.

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