Kuwait’s oil price down

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KUWAIT CITY, July 7, (Agencies): The price of Kuwaiti oil went down by 63 cents to $73.52 per barrel (pb) Friday, after being at $74.15 pb the day before, said Kuwait Petroleum Corporation (KPC) on Saturday. On the global level, oil prices varied on Friday as US crude went up supported by an increase in purchases.

The Brent crude price was affected by world trade tensions and increase in production. The Brent crude fell 28 cents to reach $77.11 pb while the West Texas Intermediate was up 86 cents to reach $73.80 pb. Oil edged lower on Thursday but still stood not far off its highest in 3-1/2 years, boosted by potential disruptions to flows from Iran and the Middle East despite a fresh demand from US President Donald Trump that OPEC cut prices.