Kuwaiti Oil Price Rises 63 Cents to $51.46

Kuwait, The price of Kuwaiti oil rose by 63 cents to $51.46 per barrel on Thursday from 50.83 per barrel the day before, Kuwait Petroleum Corporation (KPC) said Friday.

Global oil price surged today as well backed by gains in U.S. stocks.

The Brent crude added $1.6 to $56.24 per barrel. The West Texas Intermediate was also up $1.03 to $53.78 pb.

OPEC members and other major producers are planning to decrease global production by 1.8 million barrels next January.

Source: Qatar News Agency