Mubasher: Kuwait’s crude oil price slid by 22 cents on Monday to settle at $18.41 a barrel when compared to $18.63 a barrel last Friday, according to the latest data released by Kuwait Petroleum Corporation (KPC).
Globally, oil prices climbed by more than 3%, with Nymex growing above $20 amid a volatile session.
Investors are currently focusing on the crude output cuts by US energy firms as oil rigs continue to be cut for the seventh week in a row and the OPEC production cut agreement that kicked in last Friday.
As several countries have gradually reopened business activity, investors hope for more oil demand in the coming period.
Meanwhile, Brent crude futures settled higher by 76 cents or 2.9% to reach $27.20 per barrel (pb), while the US West Texas Intermediate futures jumped by 61 cents or 3.1% to finish at $20.39 pb.
