The price of Kuwaiti oil went up by USD 1.05 to settle at USD 43.50 per barrel Thursday after being at USD 42.45 Wednesday, said Kuwait Petroleum Corporation (KPC) here Friday.
Oil prices went up in the global market yesterday after several setbacks in the previous sessions. The increase in prices was attributed to energy reports indicating a decrease in US crude reserves last week by three million barrels.
Despite the recent increase, it will be far long before the prices would recover from the current plunge.