Mubasher: The price per barrel (pb) of Kuwaiti oil gained 48 cents on Wednesday to close the session at $53.45 pb, up from $52.97 pb on Tuesday, data released by the Kuwait Petroleum Corporation (KPC) showed.
Globally, oil prices retreated early Thursday amid speculations of higher US stockpiles last week and on increased production from the Organization of Petroleum Exporting Countries (OPEC).
OPEC raised its estimates for global oil demand by around 1.5 million barrels per day this year.
By 9:31 am GMT, Brent crude for December delivery fell 0.33% to $56.75 pb, while Nymex crude fell 0.78% to $50.90 pb.
