Mubasher: The price of Kuwaiti oil rose at the closing of Monday’s trades by $1.78 per barrel (pb) to $59.48 pb from Friday’s closing at $57.7 pb, data released by the Kuwait Petroleum Corporation (KPC) showed on Tuesday.
Globally, oil prices closed higher on Monday, with US crude (Nymex) registering its highest daily gains in almost a year amid geopolitical tensions in the MENA region.
A new report has forecast that oil prices will rise to $70 pb on the back of the geopolitical situation where the Saudi government carried out a number of arrests involving current and former ministers as well as a number of princes.
Last week, Baker Hughes Oilfield Services reported that the number of US oil rigs had declined by eight rigs to reach 729 rigs across the US.
