Kuwait - Mubasher: The price of Kuwaiti oil increased by $1.03 on Friday, according to the Kuwait Petroleum Corporation (KPC).

Kuwaiti oil registered $49.93 per barrel (pb) on Friday, compared to $48.90 pb on Thursday, Kuwait News Agency (KUNA) reported.

Yesterday, Brent crude surpassed the $53 (pb) level, as Brent and Nymex futures rose 1.09% each to $53.08 pb and $49.89 pb, respectively.

Reports indicate that investor optimism came on the back of a probable extension of the deal to trim oil production by the Organization of Petroleum Exporting Countries (OPEC), which is scheduled to convene on Thursday, 25 May in Vienna.