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Kuwait crude oil extends losses to $59.44/pb on Tuesday – KPC

Kuwait crude oil extends losses to $59.44/pb on Tuesday – KPC
Global prices of crude oil increased by more than 2% during Tuesday’ settlement

Mubasher: The price of Kuwait’s crude oil retreated by 40 cents on Tuesday to reach $59.44 per barrel (pb) from $59.84 pb on Monday, according to the prices shown by the Kuwait Petroleum Corporation (KPC).

Globally, the prices of crude oil increased by more than 2% during Tuesday’ settlement to record the first rise in five sessions in line with anticipating for the inventory data which is expected to show decline.

Crude oil prices have hiked coinciding with expectations of a decline in the US oil reserves with more than two million barrels last week.

It is noteworthy that OPEC coalition of oil producers achieved an increase of 159% in the compliance with the oil production cut agreement.