Kuwait – Mubasher: The price of Kuwaiti oil gained around 17 cents at the closing of Wednesday’s trades to settle at $43.91 per barrel, compared to Tuesday’s closing at $43.74 pb, according to data released by the Kuwait Petroleum Corporation (KPC).

Crude oil prices continued to rise in global markets on Wednesday, registering five-week highs after new data showed that crude and fueld supply in the US had declined last week.

Crude contracts for September delivery added 0.52% to reach $46.82 pb, while mixed Brent crude for October delivery increased 1.12% to settle at $49.78 pb.

On Thursday, oil prices were down as traders sought to begin profit-taking after five straight sessions of gains, and on the back of fears that Saudi Arabia may boost production, analysts have said.