Mubasher: The price of Kuwait’s crude oil fell by $9.02 on Wednesday, 1 April, to finish at $16.68 per barrel (pb), compared with $25.7 pb last Tuesday, according to the official prices released by Kuwait Petroleum Corporation (KPC).
At the global level, crude prices declined in a volatile session after the US crude oil inventories rose above expectations by 13.8 million barrels in the past week, the US Energy Information Administration (EIA) said, whilst the output stabilised near a high level.
The oil prices have fallen to their lowest level since 2002 that was recorded earlier this week due to the coronavirus (COVID-19) pandemic which slowed the growth pace of the global economy and weakened demand.
In the meantime, the US West Texas Intermediate (WTI) inched down by 17 cents to settle at $20.31 a barrel, whilst the Brent crude for June fell by $1.61 to $24.74 a barrel.
