Kuwait Oil Price Down 52 Cents to USD 50.64 per Barrel

Kuwait, The price of Kuwaiti oil was down by 52 cents to USD 50.64 per barrel Monday after being at USD 51.16 pb on Friday, Kuwait Petroleum Corporation (KPC) said Tuesday.

The global price of oil went up yesterday due to statements by Saudi Arabia which affirmed its commitment to lowering production, Kuwait News Agency (KUNA) reported.

The Saudi reassurance lessened the impact of a US report regarding the increase of oil production in 2017.

The Brent Crude was up by 41 cents to USD 55.86 per barrel, the same case with the West Texas Intermediate which went up by 27 cents to USD 52.64 pb.

Source: Qatar News Agency