Kuwait hikes November crude to Asia by $0.75 pb

Kuwait hikes November crude to Asia by $0.75 pb
Kuwait hikes November crude to Asia by $0.75 pb

Mubasher: Kuwait has increased its official selling price (OSP) for crude oil exported to Asia for November by 75 cents per barrel (pb) from the previous month, Reuters reported on Thursday, citing an unnamed source as saying.

Asian customers will receive Kuwaiti oil at 15 cents pb compared to the average Oman and Dubai benchmark prices next month, compared to a discount of $0.60 in October.

Kuwait oil registered $82.11 pb on Wednesday, down 15 cents from $82.26 pb on Tuesday, the Kuwait Petroleum Corporation (KPC) revealed earlier today.

Globally, oil prices fell, with Brent crude, for December delivery, retreating 1.87% to $81.54 pb by 11:28 am GMT, while US crude (Nymex), for November delivery, shed 1.69% to $71.93 pb.

Earlier on Thursday, global oil prices hit two-week lows on the back of rising US inventories and falling stock markets.