Kuwaiti Crude Price Rose

The price of Kuwaiti crude oil rose to $54.90 per barrel on Tuesday, an increase of two cents compared to Monday's price of USD 54.88, said Kuwait Petroleum Corporation on Wednesday.

Kuwaiti crude reached its record high on August 8 when it hit USD 68.68 pb.

International oil prices recently witnessed a retreat from USD 80 pb to USD 50 pb due to geopolitical and technical factors, market speculations, commitment to oil production cut by OPEC members, as well as unrest in Nigeria and the Middle-East.