KUWAIT CITY, Jan. 24 (Xinhuanet) -- Kuwaiti crude was traded on Monday at 58.31 U.S. dollars per barrel, a new record high in less than a week, Kuwait Petroleum Corporation (KPC) said on Tuesday.

   It was the highest price ever after crude oil price hit 57.92 dollars last Friday, surpassing its previous record high of 57.91 dollars on Aug. 31, 2005, said the KPC.

   World oil markets are currently witnessing a notable increase in prices, with Brent oil trading at 66 dollars per barrel and U.S. crude oil hovering at 68 dollars per barrel.

   An oil expert was quoted by the official Kuwait News Agency (KUNA) as saying that global oil demand and supply were not directly responsible for this increase, citing political concerns in the Mideast region and speculations in the global oil market for the price jump.

   Kuwait is a founding member of the Organization of Petroleum Exporting Countries (OPEC). The oil cartel is currently producing 28 million barrels per day and Kuwait pours about 2.29 million barrels per day.

   With a total of 101 billion barrels of proven oil reserves, Kuwait roughly accounts for one tenth of the world's proven crude reserves. Enditem