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Kuwaiti crude declines despite OPEC agreement

The price of Kuwait’s crude oil went down 40 cents to stand at US$59.09 per barrel, pb, Thursday compared to $59.49 pb the day before, said Kuwait Petroleum Corporation Friday.

In global markets, prices went down five percent after reports of agreement by OPEC members to lower production, the Kuwait News Agency, KUNA, reported.

Brent crude went down $2.72 to settle at $58.36, while future contracts of West Texas Intermediate lost $2.32, settling at $50.57 pb.

Source: WAM

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