Kuwait – Mubasher: The price per barrel (pb) of Kuwaiti oil gained 51 cents at the closing of Wednesday’s trades, to reach $44.96 pb up from $44.45 pb by the end of Tuesday, according to figures released by the Kuwait Petroleum Corporation (KPC).
The rise in crude oil prices follows data released by the American Petroleum Institute (API), which on Tuesday showed a decline of 917,000 barrels, whereas forecasts expected the drop to reach 1.67 million barrels.
US crude futures grew 46 cents on Wednesday to $50.31 pb, while Brent crude added 33 cents and closed at $50.95 pb.
Oil prices continued to rise on Thursday, coinciding with Saudi Arabia’s announcement that it plans to restore stability to the oil market and with the decline in the value of gold and the dollar.
