Kuwait – Mubasher: Kuwaiti oil increased at the closing of Thursday's trades, adding 54 cents per barrel (pb) to end the session at $48.90 pb compared to Wednesday's closing at $48.36 pb, according to data released by the Kuwait Petroleum Corporation (KPC).

Globally, oil prices extended their gains on Friday, with Brent crude and Nymex futures rising 1.09% each to $53.08 pb and $49.89 pb, respectively by 10:05 am GMT.

Investor is likely due to reports indicating a possible extension of the agreement by the Organization of Petroleum Exporting Countries (OPEC) to trim oil production.

OPEC members are scheduled to convene on Thursday, 25 May in Vienna.

On a similar note, Russia's Rosneft said late Thursday that it was going to stick to the upcoming OPEC decision.