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Kuwait oil down to $48.8/barrel

Kuwait oil down to $48.8/barrel
Brent crude oil lost 93 cents to $53 per barrel- (Photo Credit: Arabianeye-Reuters)

Kuwait – Mubasher: The price of Kuwait’s crude oil went down 88 cents to settle at $48.8 per barrel on Wednesday, compared to $49.68 on Tuesday, according to Kuwait Petroleum Corporation (KPC).

Oil price declined on Wednesday, as a result for the concern of the supply glut, after doubts aroused regarding the ability of OPEC and Russia to cut supplies.

Brent crude oil lost 93 cents to $53 per barrel, while West Texas Intermediate (WTI) futures also decreased $1.16 to reach $49.77 per barrel.

On the other hand, oil price modestly rose on Thursday, after US crude inventories declined, which cancelled the investors’ doubts regarding the ability of OPEC to cut production by 2017.