Kuwait – Mubasher: The price per barrel (pb) of Kuwaiti oil fell 74 cents on Friday to close at $38.4 pb, down from $39.14 pb on Thursday, according to figures released by the Kuwait Petroleum Corporation (KPC).
Globally, oil prices were down Friday for the sixth session in a row on the back of fears of an oil supply glut and following data showing a rise in US oil supply by 1.7 million barrels last week.
US crude futures fell below $41 pb on Friday, for the first time since April, pressured by growing supplies.
Baker Hughes Oilfield Services on Friday reported an increase in oil and gas rigs in the US last week for the fifth consecutive week.
A survey conducted by Reuters and released Friday showed a daily growth of 100,000 barrels of oil per day in July for members of the Organisation of Oil Exporting Countries (OPEC) compared to June.
The rise was backed by increased production from Iraq and Nigeria, the survey revealed.
It added that OPEC production increased to 33.41 million barrels per day (mbpd) in July from 33.31 mbpd in June.
