Price of the Kuwaiti crude oil rose USD 0.31 reaching USD 53.80 per barrel in Wednesday's trades, as compared to USD 53.49 pb on Tuesday, Kuwait Petroleum Corporation (KPC) said on Thursday.
In the international markets, the Brent crudes dropped USD 0.47 to settle at USD 60.55 pb. The American crude, for forward deals, rose USD 1.01 to stand at USD 51.53 pb.
Oil prices have turned relatively bullish following Iran's declaration that no agreement has been reached with the major powers on the nuclear issue, thus leading to speculations that international curbs on Tehran would remain in place, thus the Iranians would not be able to hike their crude exports in the foreseeable future.
Remarks by the Saudi petroleum minister predicting "balance between the oil market and prices of the crude," have also impacted positively on the prices.