Kuwait city: The price of a barrel of Kuwaiti oil dropped by $8.48 to settle at $156.50 in trading on Friday, compared to $164.98 in the previous session, according to the official price announced by the Kuwait Petroleum Corporation (KPC).

According to Qatar News Agency, in global markets, Brent crude futures rose by $3.54 to reach $112.19 per barrel, while U.S. West Texas Intermediate (WTI) crude futures increased by $2.18 to reach $98.32.