Mubasher: The price of Kuwait’s crude oil declined by $1.84 on Monday, 24 February, to reach $56.75 per barrel (pb) as compared to KWD 58.59 pb last Friday, according to the official prices by Kuwait Petroleum Corporation (KPC).
On the global level, prices retreated by around 4% on Monday in line with anticipated developments regarding the new coronavirus (COVID-19), while rising at the beginning of Tuesday’s trading session as investors concluded transactions.
Investors are currently anticipating the announcement of the US crude inventories’ initial data for the last week later on Tuesday. Meanwhile, the US Energy Information Administration (EIA) is set to release the official data on Wednesday.
Early Tuesday, Brent futures for April levelled up by 0.7% to $56.71 pb, while the US Nymex futures for April rose by 0.5% to $51.68 pb.
