Mubasher: The price of Kuwait’s crude oil increased by 70 cents to settle at $62.39 per barrel (pb) on Tuesday compared to $61.69 pb on Monday, according to the latest data by the Kuwait Petroleum Corporation (KPC).
At the global level, oil prices increased in line with the geopolitical tension in the Middle East.
The crude oil market was backed by worries over a decrease in Venezuela’s oil production, which has fallen to the lowest level of 2 million barrels per day (bpd) since 2005 due to a domestic crisis.
