Kuwaiti oil price up 26 cents to USD 52.77 pb

KUWAIT, Feb 22 (KUNA) -- The price of Kuwaiti oil went up by 26 cents to USD 52.77 per barrel Tuesday after being at USD 52.51 pb Monday, said Kuwait Petroleum Corporation (KPC) Wednesday.
Globally, the prices went up due to a statement by OPEC revealing that world reserves were on the retreat because of its members' commitment to the output reduction.
The price of the Brent crude was up by 48 cents USD 56.66 per barrel, the same case with the American crude, which went up by 66 cents to USD 54.06 pb. (end) osj.gta