Kuwait oil price up 49 cents Friday to USD 44.18 pb

KUWAIT, Aug 27 (KUNA) -- The price of Kuwaiti oil went up Friday 49 cents to settle at USD 44.18 per barrel as opposed to USD 43.69 pb the day before, said Kuwait Petroleum Corporation (KPC) Saturday.
The price of oil in the world markets went down after US energy reports showed an unexpected increase in crude reserves in the US, the world largest consumer of oil.
This led to an increase of supplies by 2.5 million barrels in contracts with expectations of a decrease by 500,000 barrels.(end) fnk.mb