Mubasher: The price of Kuwait’s crude oil decreased by 38 cents to settle at $54.54 per barrel (pb) on Wednesday compared to $54.92 pb on Tuesday, according to the latest data issued by the Kuwait Petroleum Corporation (KPC).
At the global level, Nymex crude oil reached its highest level of $52 pb, backed by the first decline in the US oil inventories in four weeks.
Oil is expected to reach $80 pb on the long run in line with the drop in crude supplies across the market, an analyst at Standard & Poor’s and Dow Jones said.
