Price of Kuwait's crude oil went down by USD 0.75 on Friday to USD 47.80 per barrel, compared to USD 48.37 pb on Thursday, the Kuwait Petroleum Corporation (KPC) Saturday.
In the global market, the future contracts of the Brent Mix for May delivery went up by USD 0.89 to reach USD 55.32 pb. The price for American crude oil for April delivery also went up by USD 1.67 to reach USD 45.72 pb.
The hike in prices was attributed to the decrease in the value for the US dollar which lessened fears of supplies surpassing demands.
However, an agreement between Iran and world powers concerning the Iranian nuclear program might led to the increase of Iran's production of oil which consequently would increase the global supplies of oil.