Mubasher: The price of Kuwait’s crude oil soared by $1.94 on Wednesday, 29 April, to finish at $13.66 per barrel (pb) from $11.72 a barrel a day earlier, according to the official prices of Kuwait Petroleum Corporation (KPC).
Global oil prices jumped by 22%, backed by a less than expected rise in the US inventories by nine million barrels over the last week and hopes on reopening economies sooner than expected.
The US oil output fell for the fourth week in a row.
Meanwhile, the US West Texas Intermediate (WTI) for June delivery climbed by 22% or $2.72 to settle at $15.06 pb, while Brent crude gained $2.08 or 10.17% to reach $22.54 pb.
