Mubasher: The price of Kuwait’s crude oil retreated 49 cents to $55.77 per barrel (pb) on Tuesday, compared to $56.26 pb on Monday, according to the Kuwait Petroleum Corporation (KPC).
Globally, oil prices surged more than 2.5% on Tuesday for the seven successive session, on the back of the Organization of the Petroleum Exporting Countries’ (OPEC) production cuts and the positive development in trade talks between the US and China.
Since the beginning of 2019, US Nymex crude futures and global benchmark Brent have posted gains of about 9.6% and 9%, respectively.
February NYMEX WTI increased by $1.26, or 2.6%, to close at $49.78 pb.
OPEC reduced crude oil output by 630,000 to 32.43 million barrels per day (bpd) in December, compared to a month earlier, according to S&P Global Platts survey.
