Kuwait oil price up USD 1.05 to USD 63.44 pb

The price of Kuwaiti oil went up by USD 1.05 to reach USD 63.44 per barrel Wednesday after it was at USD 62.39 pb the day before, said the Kuwait Petroleum Corporation (KPC) Thursday.

At the global level, the price went up due to the sudden drop in US crude reserves and the commitment to the OPEC-led efforts to lower production. Speculations over the Iranian nuclear deal also played a factor in the increase.

The price of the Brent crude went up by USD 2.05 to reach USD 69.47 per barrel, the same case with the West Texas Intermediate USD 1.63, which reached USD 65.17 pb.

Source: Kuwait News Agency