Kuwait – Mubasher: The price per barrel of Kuwaiti oil closed Wednesday down, falling 43 cents to $50.83 pb compared to Tuesday's closing of $51.26 pb, according to official data released by the Kuwait Petroleum Corporation (KPC).
Globally, oil prices remained fairly stable on Wednesday despite data showing an increase in US inventories.
Brent crude slipped by 36 cents to $55.08 pb, while US crude remained unchanged at $53.18 pb.
Crude oil futures gained in Asian trades on Thursday, shrugging off the rise in US stockpiles as traders resumed selective buying.
Current oil prices encouraged traders to speculate to cover their losses, amid oil production cuts by the Organisation of Petroleum Exporting Countries (OPEC), commodity analyst George Zakaria told Mubasher.
