Kuwait – Mubasher: The price of Kuwaiti oil rose $3.80 by the end of Friday's trades to reach $41.14 per barrel (pb), up from $38.94 pb on Thursday, according to the Kuwait Petroleum Corporation (KPC).
Oil prices are recording the highest weekly rise since April, coinciding with the announcement of Saudi Arabia that it is ready to take any action to help the oil market rebalance, KPC said.
OPEC and non-OPEC oil producers will meet at the interministerial meeting of International Energy Forum (IEF) in Algeria in September to discuss the market's situation, including any possible action that may be required to stabilize the market.
Brent crude futures increased 2% to $46.97 pb, while US crude oil prices grew 2.3% to $44.49 pb on Friday.
