Kuwaiti oil price up 26 cents to USD 60.65 pb

The price of Kuwaiti oil went up by 26 cents to USD 60.65 per barrel Thursday after being at USD 60.39 pb the day before, said the Kuwait Petroleum Corporation (KPC) Friday.

Globally, the price went up due to a statement by the International Energy Agency (IEA) regarding the expected increase in demand for oil this year. However, the agency warned that the supplies are continuing to climb, which may have a detrimental effect of the prices.

The price of the Brent crude went by 23 cents to USD 65.12 per barrel, the same case with the West Texas Intermediate, which went up by 23 cents to USD 61.19 pb.

Source: Kuwait News Agency