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Kuwait oil settles at $62.82 pb

Kuwait oil settles at $62.82 pb
Kuwait crude oil edged up by $0.21

Mubasher: Kuwait crude oil edged up by $0.21, to close at $62.82 per barrel (pb) on Wednesday, compared with $62.61 pb in Tuesday’s settlement, the Kuwait Petroleum Corporation (KPC) said.

Outside Kuwait, global oil prices gained more than 4% at the prior session’s close, hitting two-week peaks, following the Energy Information Administration’s (EIA) weekly report on US crude inventories, while market participants awaited the upcoming meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allied producers.

US crude stockpiles dropped by 4.9 million barrels per day (bpd) last week, the first drawdown in six weeks, while US crude output hit a record 12.900 million bpd.

In the meantime, markets are watching OPEC meeting to be held in Vienna on Thursday to discuss the current supply-cutting deal.