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Kuwait oil price up 37 cents to USD 71.85 pb

KUWAIT, The price of Kuwaiti oil went up by 37 cents to USD 71.85 per barrel (pb) Wednesday after being at USD 71.48 pb last Monday, said the Kuwait Petroleum Corporation (KPC) Thursday.

Globally, prices went up after Central Bank of the Russia Federation warned from plans aimed at increasing crude supply. It also pointed out that prices’ decline would threat the country’s financial sector same as yesterday’s prices were affected by a drop in US stock, according to analysts’ expectations.

The price of the Brent Blend went up USD 2.11 to settle at USD 77.50 pb. The same case with the West Texas Intermediate, which went up USD 1.48 to USD 68.21.

Source: Kuwait News Agency