Kuwait oil down 75 cents to USD 50.13 pb

KUWAIT, Jan 20 (KUNA) -- The price of Kuwaiti oil went down by 75 cents Thursday, settling at USD 50.13 per barrel after being at USD 50.88 pb the day before, said Kuwait Petroleum Corporation (KPC) Friday.
At the global level, the price went up due to a statement by the International Energy Agency (IEA) regarding the shrinking gap between supply and demand, which occurred before the decision by OPEC and Non-OPEC members to reduce their global oil output.
The price of the Brent Crude went up by 24 cents to USD 54.16 per barrel, the same case with the American crude which also increase by 29 cents to USD 51.37 pb. (end) osj.gta