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Kuwait Times - - BUSINESS -

Kuwait oil price up 88 cents to $49.89 pb

The price of Kuwaiti oil went up by 88 cents to reach $49.89 per bar­rel yes­ter­day af­ter it was at $49.01 pb Fri­day, said Kuwait Pe­tro­leum Cor­po­ra­tion (KPC) yes­ter­day. At the global scale, the price of the crude’s fu­ture con­tracts fluc­tu­ated yes­ter­day due to the in­crease in Shale oil ex­ca­va­tions in the US. The price was also af­fected by doubt that the OPEC de­ci­sion to re­duce pro­duc­tion by the be­gin­ning of 2017 would re­ally lower the global oil sur­plus. The price of the Brent crude was up yes­ter­day by 48 cents to reach $54.94 per bar­rel, the same case with the Amer­i­can crude which went up by 11 cents to hit $51.79 pb.

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