Kuwait oil price up by 49 cents to $50.80 pb

KUWAIT: The price of Kuwaiti oil went up by 49 cents to $50.80 per barrel Wednesday after being at $50.31 pb the day before, said Kuwait Petroleum Corporation (KPC) yesterday.

At the global level, the price went down after news regarding an increase in Libyan production in the last three months surfaced.

The increase was also attributed to an upsurge in American crude reserves last week. The price of the Brent crude went down by 89 cents to settle at $54.46 per barrel, the same predicament for the West Texas Intermediate which went down by 69 cents to $52.49 pb.

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