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Kuwait oil down 80 cents

Kuwait oil down 80 cents
Kuwaiti crude oil reached $52.01 per barrel - (Photo Credit: Arabianeye-Reuters)

Kuwait - Mubasher: The price of Kuwaiti oil declined by 80 cents, said Kuwait Petroleum Corporation (KPC) on Saturday.

The Kuwaiti crude reached $52.01 per barrel (pb) on Friday, compared to $52.81 pb last Thursday, Kuwait News Agency (KUNA) reported.

Meanwhile, oil prices increased on the global level, while the US Dollar went down, which encouraged investors to buy stocks, KUNA explained.

However, global markets are still in fear due to a surplus in supplies and Russia's failure to abide its 300,000 bpd pledged as part of the OPEC output agreement.

Fears concerning a surplus in American oil production and the increase of drilling rigs by 609 stations last week in the US also played part in the current predicament.

Brent crude oil price was up by 82 cents to $55.90 pb, and West Texas Intermediate increased by 72 cents to settle at $53.33 pb.