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Kuwaiti oil down 42 cents on Monday

Kuwaiti oil down 42 cents on Monday
(Photo credit: Arabianeye-Reuters)

Kuwait – Mubasher: The price per barrel (pb) of Kuwaiti oil declined 42 cents on Monday to close at $48.75 pb from $49.17 pb on Friday, Kuwait News Agency (KUNA) reported, citing the Kuwait Petroleum Corporation (KPC).

Globally oil prices were down on Monday amid speculation that Russia might boost its production if the Organisation of Petroleum Exporting Countries (OPEC) does not extend its output reduction deal.

Brent crude was down by 36 cents on Monday to $51.6 pb, while Nymex crude shed 39 cents to $49.23 pb, according to KUNA.