Kuwait oil price up to USD 70.84 pb

KUWAIT, May 8 (KUNA) -- The price of Kuwaiti oil went up by USD 1.83 to reach USD 70.83 per barrel Monday in comparison with USD 69.01 pb on Friday, said the Kuwait Petroleum Corporation (KPC) on Tuesday.
At the global level, the price went up due to concerns over the United States' impending withdrawal from the nuclear agreement with Iran and the possible implementation of new sanctions.
The economic crisis in Venezuela, which threatens crude supplies, was also a factor in the increase.
The price of Brent future contracts went up by 84 cent to USD 75.71 pb, the same case with the West Texas Intermediate, which went up by 66 cents to USD 70.39 pb. (end) mam.gaa