Mubasher: The price per barrel of Kuwaiti oil added 40 cents on Friday, Kuwait News Agency (KUNA) reported, citing figures by the Kuwait Petroleum Corporation (KPC).
Kuwaiti oil ended Friday at $53.27 pb, up from Thursday's close at $52.87 pb.
Globally, oil prices were in the green, after the US placed new sanctions on Iran for testing a ballistic missile, alongside news reports showing a possible increase in demand for oil and gas.
Oil prices increased at the closing of Friday's trades, recording their highest weekly rise since the start of 2017, particularly after data released by the US Department of Labour.
Brent crude futures gained 2.3% over the week and closed at $56.81 pb, while US crude oil increased 1.24% and closed at $53.86 pb.
The US economy added 227,000 jobs in January, surpassing estimates of 175,000 new jobs, the US Department of Labour said Friday, adding that the economy added 157,000 jobs in December 2016.
On another note, members from the Organisation of Petroleum Exporting Countries (OPEC) agreed on 30 November 2016 to trim production starting January 2017 in an attempt to raise oil prices.
The deal is said to see output reduced by around 1.8 million barrels per day.
These gains come despite Baker Hughes Oilfield Services' report released Friday, which showed that oil and gas rigs in the US rose by around 17 rigs during the week ended 27 January.
