Kuwaiti oil price up

The price of Kuwait crude oil went up Wednesday by 98 cents to stand at USD 78.99 per barrel (pb) after it was at USD 78.01 pb last Tuesday, said Kuwait Petroleum Corporation (KPC) Thursday. Globally, oil prices declined after reports of US oil reserve increase despite concerns over repercussion to sanctions imposed on Iran along with geopolitical unrest in the Mideast region. The price of the Brent crude went down USD 1.36 to settle at USD 80.05 pb, the same case with the West Texas Intermediate, which declined to USD 2.17 to reach USD 69.75 pb.