Kuwaiti oil down 80 cents

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The price of Kuwaiti oil went down 80 cents Thursday to settle at $22.70 per barrel after being at $23.50 the day before, said Kuwait Petroleum Corporation (KPC) Friday.

At the global level, the price of oil went up by five percent after news began to circulate on OPEC’s intention to hold talks on curbing supplies with other oil exporters.

Meanwhile, the price of the Brent mix was up $1.37 to reach $31.43 per barrel, a similar case for the West Texas Intermediate crude price which went up $1.21 to reach $27.42 pb.

Meanwhile, the OPEC daily basket price fell 72 cents on Thursday to $25.21 a barrel, compared with $25.93 pb on Wednesday, the OPEC said on Friday.

The annual average of the OPEC basket price hit $49.64 pb, it added. (KUNA)

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