Kuwaiti oil price up

The price of Kuwait’s crude oil went up 79 cents to $58.90 per barrel (pb) on Wednesday compared to $58.11 pb the day before, said Kuwait Petroleum Corporation (KPC) Thursday.

Meanwhile, Brent Blend down five cents to settle at $60.15 pb, as well as the American crude, which lost 50 cents to settle at 51.15 pb.

The OPEC daily basket price went up to $59.20 a barrel Wednesday, compared with $58.57 the previous day, the cartel said on Thursday.

The fifth OPEC and non-OPEC Ministerial Meeting had decided to adjust the overall production by 1.2 million barrels per day effective as of January 2019 for an initial period of six months. (KUNA)