Mubasher TV
Contact Us Advertising   العربية

Kuwaiti oil rises 1% in week

Kuwaiti oil rises 1% in week
Photo Archive

Mubasher: The price of Kuwaiti oil went down by 50 cents on Friday, recording weekly gains of 1%, according to the data of the Kuwait Petroleum Corporation (KPC).

Kuwaiti crude settled at $68.92 per barrel by the end of the week, compared to its level by the end of Thursday’s trade at $69.42 a barrel, as reported by the Kuwait News Agency (KUNA).

Oil prices rose by the end of Friday’s trade, shrugging off earlier decline on negative comments by the US President against the Organization of the Petroleum Exporting Countries (OPEC).

“Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted!” Donald Trump on Friday.

Nymex futures rose 0.1% to $68.38 per barrel, achieving weekly gains of 1.5%, while Brent crude increased by 0.3% to 73.99 per barrel.

Commitment to the OPEC-led output cut agreement rose to its highest level ever, supporting crude oil gains, despite an increase in US oil rigs to its highest level in three years, as shown by the data of Baker Hughes on Friday.