Mubasher: The price of Kuwait’s crude oil jumped by $1.29 on a daily basis on Wednesday to settle at $21.6 a barrel compared to $20.31 a barrel on Tuesday, according to the prices released by Kuwait Petroleum Corporation (KPC).
Globally, oil prices retreated by more than 2% in a volatile session amidst investors’ optimism over the reopening of economies and also amid fears over increasing stockpiles.
Official data by the US Energy Information Administration (EIA) showed a below-than-expected surge in US oil inventories by 4.5 million barrels during the past week.
It is noteworthy that the shrinking prices come amid a slump in demand caused by restrictions imposed on travel and other activities to stop the coronavirus (COVID-19) spread.
