Kuwaiti Oil Went Up 51 Cents to USD 50.79 per Barrel

Kuwait, The price of Kuwaiti oil went up by 51 cents to USD 50.79 per barrel Monday after being at USD 50.28 pb the previous Friday, Kuwait Petroleum Corporation (KPC) said Tuesday.

At the global level, the price of oil retreated yesterday due to indications of a strong surge in US production which came in contrast to OPEC's intentions to reduce production in January, Kuwait News Agency (KUNA) reported.

The price of the Brent crude went down by 26 cents to USD 55.23 per barrel, the same case with the American crude which went down by 47 cents to USD 52.75 pb.

Source: Qatar News Agency