Kuwait oil price up USD 1.31 to USD 64.75 pb

The price of Kuwaiti oil went up by USD 1.31 to reach USD 64.75 per barrel (pb) Thursday after it was at USD 63.44 pb the day before, said the Kuwait Petroleum Corporation Friday.

At the global level, oil prices went down due to the increased and continuous production in the United States in a move comes because of OPEC’s efforts to rebalance the market.

By 7:50 GMT, the price of Brent Blend oil fell 13 cents to reach USD 69.34 pb, the same case with the West Texas Intermediate, which dropped four cents to USD 65.13 pb.

Source: Kuwait News Agency