Kuwaiti Oil Price Goes up to $42.69 pb

The price of Kuwaiti oil went up by 59 cents to reach USD 42.69 per barrel Wednesday as oppose to USD 42.10 pb the day before, said Kuwait Petroleum Corporation (KPC) Thursday.

    At the global market, the price of oil jumped by 10% due to OPEC's agreement to lower the organization's production by 1.2 million barrel per day next January, according to (KUNA) news agency.

    Russia's intentions to lower production by 300,000 barrels per day also played part in the increase. The Brent crude price went up by USD 4.09 to reach USD 50.47 per barrel, the same case with the West Texas intermediate which jumped by USD 4.21 to USD 49.44 pb.