KUWAIT, Jan 18 (KUNA) -- The price of oil went up by 44 cents to USD 51.08 per barrel Tuesday after being at USD 50.64 pb the day before, said Kuwait Petroleum Corporation (KPC) Wednesday.
At the global, the prices stabilized due to statements by Saudi Arabia that it will abide by the OPEC agreement to reduce production despite expectation that US production of oil will increase this year.
The Brent Crude went down to 39 cents to settle at USD 55.47 per barrel, the same case with the West Texas Intermediate 11 cents to USD 52.48 pb. (end) osj.gta