Mubasher: The price of Kuwait’s crude oil increased by $1.9 Tuesday to finish at $20.31 per barrel (pb) when compared to $18.41 pb a day earlier, according to the prices released by Kuwait Petroleum Corporation (KPC).
Globally, crude prices fell amidst fears over an oil glut after initial data showed that the US crude inventories increased more than expected by over 8.4 million barrels during the past week.
The US Energy Information Administration (EIA) will publish the official inventory data later today.
It is worth noting that the deepening prices come amid a slowdown in demand caused by restrictions imposed on travel and other activities to stop the coronavirus (COVID-19) spread.
