Kuwait oil price up $1.01 to $50.71 pb

Kuwait Times - - BUSINESS -

KUWAIT: The price of Kuwaiti oil went up by $1.01 to reach $50.71 per bar­rel Mon­day af­ter be­ing at $49.70 pb Fri­day, said Kuwait Petroleum Cor­po­ra­tion (KPC) yes­ter­day. At the global level, the price of oil stood still with no change due to the ex­pected de­crease in global pro­duc­tion by early 2017 as agreed upon be­tween OPEC coun­tries and other world ma­jor oil pro­duc­ers. The price of the Brent crude went down by 29 cents to set­tle at $54.92 per bar­rel while the price of the Amer­i­can crude went up 22 cents to $52.12 pb.

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