The price of Kuwaiti crude oil went up Friday by 89 cents to USD 54.95 per barrel compared to USD 54.06 pb Thursday, said a statement by Kuwait Petroleum Corporation (KPC) Saturday.
In the global markets, prices for future oil contracts went up yesterday due to shortage in production and supplies from Libya and Iraq in the last few weeks.
Global forecasts regarding the increase of demand for crude oil had led to a hike in Brent Mix price by 15 percent in the beginning of this month.
Meanwhile, the price for the Brent mix at the London stock exchange Friday had increased by USD 1.27 to reach USD 61.32 pb.
At the New York Mercantile Exchange (NYMEX), the price for American crude went up by 63 cents, reaching USD 48.80 pb.