KUWAIT CITY: The price of Kuwaiti oil increased by 53 cents to USD 72.81 per barrel on Wednesday, marking an upward trend compared to USD 72.28 per barrel the previous day. This change was announced by the Kuwait Petroleum Corporation (KPC) on Thursday.

According to Kuwait News Agency, the increase in Kuwaiti oil prices aligns with a broader rise in global oil markets. On the same day, Brent crude saw a rise of USD 1.33, reaching USD 73.52 per barrel, while West Texas Intermediate experienced an increase of USD 1.70, climbing to USD 70.29 per barrel.

These price changes reflect ongoing fluctuations in the global oil market, which are closely monitored by industry stakeholders and have significant implications for economies reliant on oil exports.