Mubasher: The price of Kuwaiti crude oil went up by 16 cents on Thursday’s trading, according to the Kuwait Petroleum Corporation (KPC).

Kuwait oil recorded $49.65 per barrel (pb) yesterday, after closing the day before at $49.49, Kuwait News Agency (KUNA) reported.

KUNA added that crude oil prices in global markets rose on Thursday to reach their highest level in nearly three months after future crude contracts succeeded in maintaining its gains.

The increase in prices was also attributed to US data showing a decline in American oil reserves for the sixth week in a row, leading to the optimism about the rebalance in the oil market.

The West Texas Intermediate (WTI) crude oil futures contracts went up 60 cents to $50.22 pb, while future contracts for Brent crude for October delivery grew by 83 cents to close at $53.53 pb.