Kuwait Oil Price Up 61 Cents to USD 38.02 per barrel

The price of Kuwaiti oil went up Monday by 61 cents to reach USD 38.02 per barrel after being at USD 37.41 per barrel the day before, said a statement by Kuwait Petroleum Corporation (KPC) Tuesday. 
In the US, the price of the American crude was down Monday due to increasing fears over news regarding a surplus in US and OPEC production, according to (KUNA) news agency. 
Crude oil contracts retreated to USD 40.57 per barrel last Friday at trading in New York Markets, settling on its lowest price since April 20th. The downward spiral last week was attributed to the increase of oil rigs and platforms in the US with their current number standing at 374.