Mubasher: The price of Kuwait’s crude oil decreased by 49 cents to settle at $53.2 per barrel (pb) on Tuesday compared to $53.69 pb on Monday, according to the latest data issued by the Kuwait Petroleum Corporation (KPC).
The decline in oil prices on Tuesday continued for the second session in a row in line with the continuous sale transactions to perform profit taking activities as well as the anticipation for the preliminary data on the U.S. crude oil inventories.
American Petroleum Institute (API) has expected crude oil reserves to decline last week, recording the second drop in a row, while fuel inventories rose.
The API’s recent data on Tuesday forecasted that crude oil reserves may shrink by 4.1 million barrels in the week ended on 29 September.
