Kuwait oil price rises 52 cents to $36.10pb
KUWAIT: The price of Kuwaiti oil went up by 52 cents to reach $36.10 per barrel Thursday after it was $35.58 pb the day before, said a statement by Kuwait Petroleum Corporation yesterday.
In the world markets, future contracts of crude oil went up by 12 cents to reach $44.30 per barrel while the West Texas crude price was stable at $40.54 per barrel. Since mid-2014, crude oil contracts lost 60 percent of their value due to the increase in supplies by 0.7 percent, around 2.5 million barrels. The supplies increase might remain as an issue in 2016. — KUNA