Kuwait - Mubasher: The price of Kuwaiti oil decreased 14 cents per barrel (pb) in Monday’s trades, reaching $48.26 pb compared to $48.40 pb on Friday, according to official data released by the Kuwait Petroleum Corporation (KPC).
Globally, oil prices retreated as well due to concerns about rising inventories and growing US production of shale oil despite reports by the Organization of Petroleum Exporting Countries (OPEC) that it was supporting the extension of its output reduction agreement until the end of this year, Kuwait News Agency (KUNA) reported.
Brent crude fell 14 cents reaching $51.62 pb, while West Texas Intermediate (WTI) crude decreased 56 cents reaching $48.22 pb, according to KUNA.
