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Kuwait crude up $4.99 to $47.68 pb

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Kuwaiti oil price rose $4.99 in trading Thursday to $47.68 compared to $42.69 pb Tuesday according to Kuwait Petroleum Corporation (KPC) Friday. In the global markets, oil prices rose nearly four percent yesterday as Brent crude reached its highest level in nearly 16 months, extending gains after the Organization of Petroleum Exporting Countries (OPEC) reached an agreement with Russia to restrict production to reduce global supply.

Brent crude futures contracts rose $2.10, 4.1 percent, to settle $53. 94 pb while US crude rose $1.62, 3.3 percent, to reach $51.06 pb. The Organization of the Petroleum Exporting Countries (OPEC) ministerial meeting has reached a deal to cut oil crude production by 1.2 million barrels a day starting from January, 2017.

Meanwhile, OPEC daily basket price rose by $4.55 on Thursday to $49.35 per barrel (pb), compared with $44.80 the previous day, the organization said on Friday. The OPEC bulletin added that the annual rate of its basket price for 2015 was $49.49 pb.

On Wednesday, the OPEC members concluded a historical deal in Vienna to cut production by 1.2 million barrel daily as of 1 January. It also received vows from non-OPEC producers to cut production by 600,000 barrels per day; Russia alone will cut 300,000 barrels daily. (KUNA)