Mubasher: The price of Kuwait’s crude oil increased by $1.17 to settle at $63.04 per barrel (pb) on Wednesday compared to $61.87 pb on Tuesday, according to the latest data issued by the Kuwait Petroleum Corporation (KPC).
The crude oil in Kuwait registered its highest level since May 2015; this confirms the improvement of the market’s fundamentals, oil expert Mohamad Al Shatti told Mubasher.
Oil prices increased from the lowest recorded level of $21.82 pb, reflecting a new era in the crude oil market, the expert added.
The low level of Kuwait’s crude oil has passed, while the future of oil prices in Kuwait is expected to show improvement in line with some challenges.
At the global level, oil prices decreased with the US crude oil falling from its highest level in about two years and a half.