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Kuwait’s crude oil ads 74 cents on Monday – KPC

Kuwait’s crude oil ads 74 cents on Monday – KPC
Global oil prices declined on Monday

Mubasher: The price of Kuwait’s crude oil increased by 74 cents to settle at $71.79 per barrel (pb) on Monday compared to $71.05 pb on Friday, according to the latest data by the Kuwait Petroleum Corporation (KPC).

At the global level, oil prices declined on Monday to the lowest level in three weeks, with Nymex and Brent suffering over 4% losses.

Worries over the US policy led to a ban on the Iranian crude exports in the market. The prices were also affected negatively in line with the reopening of the Libyan ports and an anticipation for a possible increase in the crude supply from Russia and other producers.