Mubasher: Kuwait’s crude oil price fell by $1.91 on Tuesday, 28 April, to settle at $ 11.72 per barrel (pb) from $13.63 pb a day earlier, according to the official prices released by Kuwait Petroleum Corporation (KPC).
At the global level, oil prices tumbled by more than 3% in a volatile session, helped by fears of dwindling storage capacity and updates of the coronavirus (COVID-19) crisis.
Meanwhile, the US Nymex traded low by 20% before jumping by more than 6%. The US crude then reversed its earlier upward trend.
It is noteworthy that the US has reopened part of the economy and allowed a number of consumer sectors to resume operation on lockdown easing optimism.
