Oil price down

KUWAIT: The price of Kuwaiti oil went down by 40 cents to $48.40 per barrel Friday after being at $48.80 pb the day before, Kuwait Petroleum Corporation (KPC) said yesterday.

Globally, the price of oil was stable amid anticipation over efficiency of the OPEC and other major world producers’ decision to reduce oil production. The increase of both US shale oil production and American oil reserves also had an impact on the prices. —KUNA

This article was published on 18/03/2017