Kuwait oil price up by 93 cents to USD 48.22 pb

KUWAIT, April 29 (KUNA) -- The price of Kuwaiti oil was up by 93 cents to USD 48.22 per barrel Friday after being at USD 47.83 pb the day before, said Kuwait Petroleum Corporation (KPC) Saturday.
At the global level yesterday, the prices were up due to investors' confidence on OPEC approving to extend the agreement regarding decreasing production to eliminate supplies excesses in global markets for the second half of this year.
The price of the Brent crude went up by 27 cents to USD 51.71 pb as well as the American light crude also up by 18 cents to USD 49.15 pb. (end) osj.mb