Mubasher: The price of Kuwait’s crude oil increased by 56 cents to reach $54.06 per barrel (pb) on Monday compared to $53.50 pb on Friday, according to the latest data issued by the Kuwait Petroleum Corporation (KPC).

The price of Brent crude oil rose by 4% to exceed the $59-level, hitting its highest level in more than two years.

Nymex crude oil went up 3.1% to settle at $52.22 pb on Monday.