Mubasher: The price of Kuwaiti oil went down by 11 cents to $47.31 per barrel (pb) on Friday compared to $47.42 pb the day before, the Kuwait Petroleum Corporation (KPC) said on Saturday.

According to Kuwait News Agency (KUNA), oil prices slightly rose on the global level yesterday as hopes for a possible reduction in the supply of crude oil in global markets were bokosted amid decreasing volume of American crude stocks.

OPEC and other major producers' intentions to continue their deal to decrease production this year also played part in the increase, KUNA added.