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Kuwait crude oil approaches $50 level Tuesday – KPC

Kuwait crude oil approaches $50 level Tuesday – KPC
The price of oil reached $49.37 per barrel

Mubasher: The price index of Kuwait’s crude oil increased by 19 cents on Tuesday, according to the latest data issued by the Kuwait Petroleum Corporation (KPC).

The price of oil reached $49.37 per barrel (pb) compared to $49.18 pb on Monday, approaching the $50 pb-level.

At the global level, Nymex crude oil for October delivery gained 2.9% to reach $48.66 pb - the highest level since 11 August.

Brent crude oil gained 1.7% to settle at $53.25 pb.