Mubasher: The price of Kuwait’s crude oil settled higher by 45 cents on Wednesday to reach $21.99 a barrel when compared to $21.54 a barrel a day earlier, according to the latest data by Kuwait Petroleum Corporation (KPC).
Global oil prices rose due to an unexpected weekly fall in the US oil inventories. Gains were capped by a bleak outlook for the world’s largest economy alongside the slump in demand due to the coronavirus (COVID-19) pandemic and fears over a potential second wave of cases.
Brent futures edged up by 18 cents or 0.6% to finish at $29.37 a barrel while the US West Texas Intermediate (WTI) futures went up by 23 cents or 0.9% to reach $25.52 a barrel.
It is noteworthy that oil prices were lifted over the past two weeks as some countries eased coronavirus restrictions and lockdown measures and allowed some factories and shops to reopen.
