Price of Kuwait's crude up USD 4.99 to USD 47.68 pb

KUWAIT, Dec 2 (KUNA) -- Kuwaiti oil price rose USD 4.99 in trading Thursday to USD 47.68 compared to USD 42.69 pb Tuesday according to Kuwait Petroleum Corporation (KPC) Friday.
In the global markets, oil prices rose nearly four percent yesterday as Brent crude reached its highest level in nearly 16 months, extending gains after the Organization of Petroleum Exporting Countries (OPEC) reached an agreement with Russia to restrict production to reduce global supply.
Brent crude futures contracts rose USD 2.10, 4.1 percent, to settle USD 53.94 pb while US crude rose USD 1.62, 3.3 percent, to reach USD 51.06 pb.
The Organization of the Petroleum Exporting Countries (OPEC) ministerial meeting has reached a deal to cut oil crude production by 1.2 million barrels a day starting from January, 2017. (end) ht.ysa.tg