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Kuwaiti oil drops to $59.31 per barrel on Tuesday – KPC

Kuwaiti oil drops to $59.31 per barrel on Tuesday – KPC
Global oil prices decreased on Wednesday

Mubasher: The price of Kuwait’s crude oil fell by 14 cents to $59.31 per barrel (pb) on Tuesday, 8 October, compared to $59.45 pb on Monday, according to the official prices published by the Kuwait Petroleum Corporation (KPC).  

Globally, oil prices decreased on Wednesday, amid concerns regarding developments over trade tension and before the US inventory data is released.

The Chinese vice premier will lead the new round of trade negotiations that will take place on Thursday in Washington.

Earlier on Wednesday, the price of Brent futures for December inched down by 0.3% to $58.07 pb.

The price of Nymex futures also levelled down by 0.3% to $52.46 pb.

The US inventories rose by 4.1 million barrels per day or 422 million barrels during the week ended on 4 October, the American Petroleum Institute (API) said.