Kuwait - Mubasher: The price of Kuwaiti oil went down by $1.23 on Friday, the Kuwait Petroleum Corporation (KPC) said on Saturday.
Kuwaiti crude registered $49 per barrel Friday down from $50.23 (pb) on Thursday.
Oil prices also decline on the global level, the price went down due to fears that the production decrease, led by major world procedures and OPEC, was not bringing the global supplies down to normal levels, Kuwait News Agency (KUNA).
The price for West Texas Intermediate (WTI) futures fell by 9.1% to $48.49 pb, compared to $53.33 pb last week.
Meanwhile, Brent Crude declined by 8.1% to $51.37 pb down from $55.90 at the previous week’s close.
