Mubasher: The price of Kuwaiti oil declined by 38 cents on Friday, according to the Kuwait Petroleum Corporation (KPC).

Kuwaiti crude registered $48.77 per barrel (pb) yesterday, compared to $49.15 pb on Thursday, as reported by Kuwait News Agency (KUNA).

Oil prices also rose in global markets, affected by positive US reports on the rise of demand for energy,.

West Texas Intermediate (WTI) crude going up by 43 cents to $49.46 pb, while Brent crude future contracts rose 39 cents to reach $52.40 pb.