Kuwait oil prices drops 45 cents Tuesday

Kuwait – Mubasher: Kuwait oil prices declined 45 cents to reach $51.37 per barrel (pb) on Tuesday compared to $51.82 pb on Monday, according to data released by the Kuwait Oil Corporation (KOC).

Globally, oil prices retreated on concerns of increasing US production to a two-year high in May, based on a report by the US Energy Information Administration (EIA).

Increasing production of shale oil in more than seven regions could raise average daily production by 124,000 barrels per day (bpd), or 2.5% in May compared to April, the report added.

Brent crude oil and Nymex oil decreased by 47 cents and 24 cents to reach $54.89 and $52.41 pb, respectively, the Kuwaiti News Agency (KUNA) stated.