Kuwait oil up to USD 79.88 pb

The price of Kuwaiti oil went up USD 1.97 to reach USD 79.88 per barrel on Monday, compared to USD 77.91 pb on Friday, said Kuwait Petroleum Corporation (KPC) on Tuesday. On a global scale, the Brent crude futures went up USD 2.41 to reach USD 81.43 pb, while the West Texas Intermediate went up USD 2.59 to USD 77.42 pb. The Libyan authorities announced on Monday the suspension of oil production and export until further notice in protest against the Tripoli authorities taking control of the headquarters of the Central Bank of Libya and the dismissal of its governor. The Libyan government issued a statement declaring a state of "force majeure" on all oil fields, ports, suspending oil production, and export until further notice. San Francisco Federal Reserve President, Mary Daly said on Monday that she believed it was appropriate for the US central bank to start cutting interest rates in September, ruling out any disruption to the rate cut from the current range of 5.25 to 5.50 percent. Source: Kuwait New s Agency