Mubasher: The price of Kuwaiti crude oil declined on Friday by $1.42 per barrel (pb) , according to the Kuwait Petroleum Corporation (KPC).

The price for the Kuwaiti oil barrel registered $48.22 yesterday, compared to $49.65 on Thursday, Kuwait News Agency (KUNA) reported.

Oil prices also decreased in global markets on Friday after the International Energy Agency (IEA) indicated that the weak OPEC commitment to production cuts extended efforts to bring balance to the market.

The price of the West Texas Intermediate (WTI) future contracts fell by 10 cents, reaching $48.49 pb, while Brent crude price for October delivery went down 7 cents to reach $51.83 pb.