Mubasher: The price of Kuwaiti oil closed Monday’s trading session higher, after adding 25 cents, according to data released by the Kuwait Petroleum Corporation (KPC).
Kuwaiti oil ended Monday at $65.65 per barrel (pb) compared to Friday’s closing of $65.40 pb.
Global oil prices rose on Tuesday, on the back of official comments that members and non-members of the Organization of Petroleum Exporting Countries (OPEC) may decide to extend the output cut till after 2018 and ahead of US oil data, which is projected to mark a new decrease in supply.
By 10:42 am GMT, Brent crude grew 0.42% to $69.32 pb, nearing the $70 pb mark, while US crude (Nymex) increased 0.49% to $63.88 pb.
Earlier on Tuesday, Saudi Arabia’s energy minister Khalid Al-Falih noted that OPEC and non-OPEC members, led by Russia, were willing to extend their production cut beyond this year.
Meanwhile, UAE’s Crescent Petroleum's CEO Majid Jafar told CNBC on Tuesday, that he expects oil prices “could soon soar toward $80 a barrel amid escalating concerns over falling output.”
The next official OPEC meeting is slated for 22 June 2018.
