| 10 October, 2017

Kuwaiti oil price up 26 cents to $53.58 per barrel

he price of Kuwaiti crude oil went down $1.13 Monday to settle at $52.45 per barrel.

KUWAIT- The price of Kuwaiti crude oil went down US$1.13 Monday to settle at US$52.45 per barrel, compared to US$52.58 per barrel last Friday, the Kuwait Petroleum Corporation said on Tuesday.

According to Kuwait News Agency, oil prices in world markets, were up on Monday after remarks made by the OPEC Secretary-General regarding extending the agreement on to decrease production after March 2018.

Oil crude price Brent mixed were also up by 17 cents to US$55.79 while the US crude oil rose by 29 cents to settle US$49.58 per barrel.

Yesterday, the OPEC Secretary-General told the Reuters Global Commodities 2017 Summit in London that the organisation's focus remains on reducing inventories, moving the stock overhang to its five-year average and ensuring sustainable market stability in the years and decades ahead. He added that the ongoing market rebalancing process is vital to sustainable market stability that both producers and consumers desire, and which is beneficial to the global economy as a whole.

© Copyright Emirates News Agency (WAM) 2017.