Mubasher: Kuwaiti crude oil prices rose 87 cents on Friday to reach $70.71 per barrel, according to the Kuwait Petroleum Corporation (KPC).
In global markets, oil prices rose by the end of Friday’s trade, after data showed a decline in American oil rigs.
Oil rigs in the United States registered its biggest weekly decline since March, as it decreased by 5 to a total of 858, according to the weekly report of Baker Hughes.
Expectation that Saudi Arabia expects to reduce oil imports by around 100,000 barrels per day, as revealed by Riyadh’s representative at the Organization of the Petroleum Exporting Countries (OPEC) also cooled down concerns of an oversupply, which struck the market since OPEC eased the restrictions of the output agreement.
West Texas Intermediate (WTI) recorded its third weekly decline in a row, by 0.8%, after Nymex futures settled at $70.64 per barrel, up 0.14% on the day, while Brent crude futures increased by 46 cents to settle at $73.07 per barrel.
