Kuwaiti oil price up 21 cents to USD 50.77 pb

KUWAIT, Sept 13 (KUNA) -- The price of Kuwaiti oil went up by 21 cents to USD 50.77 per barrel Tuesday after it was at USD 50.56 pb last Monday, said Kuwait Petroleum Corporation (KPC) Wednesday.
At the global level, the prices were up as a reaction to OPEC's statements regarding the reduction of production for the month of August. The organization's output decrease is perceived as a good step to reduce supplies at the global markets.
The price of the Brent crude was up by 43 cents to USD 54.27 pb, the same case with the West Texas Intermediate, which went up by 16 cents to USD 48.23 pb. (end) osj.gta