Kuwaiti Oil Price Up 3 Cents to $52.20 per Barrel

Kuwait, – The price of Kuwaiti oil went up by three cents to USD 52.20 per barrel Friday after being at USD 52.17 pb Thursday, Kuwait Petroleum Corporation (KPC) said Saturday. In global markets, there has been a rise in US shale oil output even thoug…

Kuwait, – The price of Kuwaiti oil went up by three cents to USD 52.20 per barrel Friday after being at USD 52.17 pb Thursday, Kuwait Petroleum Corporation (KPC) said Saturday.

In global markets, there has been a rise in US shale oil output even though oil producing countries will eventually cut enough output to reduce a global glut, Kuwait News Agency (KUNA) reported.

OPEC and non-OPEC members agreed to reduce global oil production by 1.8 million barrels per day.

The Brent crude went up by 16 cents to USD 55.81 per barrel, the same case with the West Texas Intermediate, which went up by 4 cents to USD 53.40 pb.

Source: Qatar News Agency