Kuwait oil price up 70 cents USD 62.39 pb

The price of Kuwaiti oil went up by 70 cents to USD 62.39 per barrel Tuesday after it was at USD 61.69 pb the day before, said Kuwait Petroleum Corporation (KPC) Wednesday.

Globally, the price of oil went up due to tension in the Middle East and the decrease in Venezuelan oil output, which in turn would hinder the effects of the increase in US crude production.

The price of the Brent crude went up by USD 1.37 to USD 67.42 per barrel, the same case with the West Texas Intermediate USD 1.34 to USD 63.40 pb.

Source: Kuwait News Agency