Kuwait – Mubasher: The price per barrel (pb) of Kuwaiti oil retreated on Monday by $1.03 to reach $44.72 pb, down from $45.75 at the closing of trades on Friday, according to data released by the Kuwait Petroleum Corporation (KPC).
Globally, oil prices were down due a stronger dollar and amid pessimistic expectations for European and Asian economies.
Brent crude and US crude were down 19 cents on Monday to $50.35 pb and $48.88 pb, respectively.
Oil prices continued their decline in Tuesday’s early trades coinciding with a rise in the dollar. Brent crude fell 0.9% in Asian trades to $49.86 pb, while US crude lost 1.08% to reach $48.35 pb.
Investors are currently awaiting data on US oil supplies, which will be released on Tuesday and Wednesday.
