KUWAIT, 29th December, 2016 (WAM) — The price of Kuwait oil went up Wednesday by US$1.04 to reach US$51.90 per barrel as oppose to US$50.86 pb the day before, said Kuwait Petroleum Corporation, KPC, on Thursday.

According to the Kuwait News Agency, KUNA, at the global level, the price of oil continued to soar as the date for executing the agreement to lower production between OPEC and other major oil producers draws near.

The price of Brent crude went up by 13 cents to reach US$56.22 per barrel and West Texas Intermediate went up by 16 cents to reach US$54.06 pb.