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Kuwaiti oil barrel up 25 cents, stands at USD 74.39 Wed.

The price of Kuwaiti oil barrel rose 25 cents to reach USD 74.39 per barrel (pb) on Wednesday, compared with USD 74.14 pb on Tuesday, said Kuwait Petroleum Corporation (KPC) on Thursday.

Meanwhile, oil prices in international markets rose yesterday as Iran threatened to prevent oil exports from the region if the US banned Tehran from selling its crude oil. The raise in prices was also affected by a drop in US oil reserves for the second consecutive week.

Brent crude oil rose 48 cents to reach USD 78.24 upon settlement, while US crude oil went up 19 cents standing at USD 74.33.

Source: Kuwait News Agency