By: Mohamad Farouk

Mubasher: The price of Kuwait crude oil rose by 45 cents to settle at $49.3 per barrel (pb) on Tuesday from $48.85 pb on Monday, according to the latest data issued by the Kuwait Petroleum Corporation (KPC).

Reaching positive levels close to $50 pb, Kuwait’s crude oil recorded high levels that have not been registered since May 2017, oil expert Mohamad Al Shatti said.

The expert noted that these indicators include continuous withdrawal from US oil reserves, the geopolitical escalation in Nigeria and Venezuela, and higher refineries operating rate.