Kuwaiti Oil Barrel Down 57 Cents to USD 46.85

Kuwait, – The price of Kuwaiti oil barrel dropped 57 cents to reach USD 46.85 on Monday, compared to USD 47.42 per barrel on Friday, said Kuwait Petroleum Corporation (KPC) Tuesday.

Meanwhile, prices jumped 3% in international markets, as the Brent crude reached USD 53.14, with a rise of USD 1.21 upon settlement, its highest rate within a year. Moreover, the West Texas crude went up USD 1.54 reaching 51.35 pb.

Brent’s rise was affected by Russia’s statement that it was ready to join efforts with OPEC in limiting crude oil production rate, while Algeria called on non-OPEC members to control production as well.

Source: Qatar News Agency