Kuwait oil price up $1.01 to $50.71 pb

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.