Kuwait - Mubasher: The price of Kuwaiti oil went up by 74 cents on Thursday, according to the Kuwait Petroleum Corporation (KPC).

Prices reached $46.51 per barrel (pb) yesterday, compared to $45.77 pb on the day before, Kuwait News Agency (KUNA) reported.

In global markets, oil prices declined due to volatile trading caused by concerns over the abundance of global supplies as the prices of the Brent crude rose earlier to more than $50 pb.

The price of the West Texas Intermediate's future contracts for August delivery decreased to $46.79 pb, and prices of Brent Crude for September delivery also fell by 40 cents to $49.30 pb.