Mubasher: Kuwait’s crude oil price settled lower by $2.86 last Wednesday to reach $11.86 a barrel, compared to $14.72 a barrel a day earlier, according to the official prices released by Kuwait Petroleum Corporation (KPC).
At the global level, crude prices surged by more than 19% after the US oil inventories increased by 15 million barrels during the week ended on 17 April, whereas crude output plunged by 100,000 barrels.
The US West Texas Intermediate (WTI) futures for June went up by 19.1% to settle at $13.78 a barrel after they traded as low as $10.26 before hitting a session high of $16.18.
Brent futures for June rose by 6.9% to reach $20.66 a barrel, after trading up at $22.23 a barrel and early losses by more than 10%.
