Kuwait – Mubasher: The price of Kuwaiti oil on Tuesday rose 2 cents, reaching $43.7 per barrel (pb) from $43.68 pb on Monday, according to the Kuwait Petroleum Corporation (KPC).
Crude oil prices surged globally due to the American Petroleum Institute’s (API) report that showed a decline in US crude oil reserves, raising the price of Brent crude futures by $1.25 to reach $48.12 pb.
Moreover, the West Texas Intermediate futures levelled up by $1.31 reaching $45.71 pb.
The API on Tuesday indicated that US crude oil reserves dropped to 8.1 million barrels the week before to reach 494.6 million barrels.
