Kuwaiti Oil Down 94 Cents to USD 50.79 per Barrel

Kuwait, The price of Kuwaiti oil was down by 94 cents to USD 50.79 per barrel Tuesday after being at USD 51.73 pb last Friday, Kuwait Petroleum Corporation (KPC) said Wednesday.

The decrease in the rate of exchange for the US Dollar and production cuts by OPEC and major producers, which went beyond the expected numbers last January, have helped in the increase of the global price for oil, Kuwait News Agency (KUNA) reported.

The price of the Brent crude went up by 47 cents to USD 55.70 per barrel, the same case with the light American crude which went up by 18 cents to USD 52.81 pb.

Source: Qatar News Agency