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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.