By: Mohammad Farouk

Mubasher: The price of Kuwait’s crude oil increased by 36 cents to reach $52.66 per barrel (pb) on Monday compared to $52.30 pb on Friday, according to the latest data issued by the Kuwait Petroleum Corporation (KPC).

At the global level, Nymex crude oil of October delivery levelled up by 0.4% to settle at $49.91 pb, while Brent crude oil fell by 0.3% to $55.46 pb.

The United States expected shale oil production to rise by 79,000 barrels per day (bpd), starting this October.

The decline in the US oil imports to the lowest level in more than 20 years is considered a positive indicator that support crude oil prices, oil expert Mohammad Al Shatti told Mubasher.

The approach of winter season boosts the global demand on crude oil, he added.