Mubasher: The price of Kuwaiti oil rose $1.07 on Monday to $48.76 per barrel (pb) versus $47.69 pb on Friday, according to the Kuwait Petroleum Corporation (KPC).

Meanwhile, the global market deepened its losses on Monday, after the third price drop in a row, due to supply boost expectations. This came despite a new survey expecting a supply drop of 419,000 barrels per day in the Organization of Petroleum Exporting Countries (OPEC) during August after the production surge in July.