Mubasher: The price of Kuwait’s crude oil declined 63 cents to $59.09 per barrel (pb) on Tuesday, from $59.72 pb on Monday, according to the Kuwait Petroleum Corporation (KPC).
Globally, oil prices surged about 2.5% after the US Treasury announced sanctions against Venezuela’s state-run oil company Petroleos de Venezuela (PdVSA).
Nymex crude futures for March delivery fell 3.2% to $51.99 pb on Monday, its lowest level since 14 January, amid a rise in US oil rigs and concerns over economic slowdown in China.
