Kuwait oil price down 43 cents to $51.29 pb

KUWAIT: The price of Kuwaiti oil went down by 43 cents to $51.29 per barrel on Wednesday as oppose to $51.72 pb the day before, said Kuwait Petroleum Corporation (KPC) yesterday. At the global level, the price of oil went up as a result of a decrease in US crude reserves in addition to the near implementation of the OPEC and major producers’ decision to decrease oil production this week.

The price of the Brent Crude went up by 99 cents to reach $56.46 per barrel, the same case with the West Texas Intermediate which went up by 93 cents to $53.26 pb. The OPEC daily basket price stood at $ 52.71 a barrel Wednesday, compared with $53.13 per barrel the previous day, OPEC said yesterday.

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