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Kuwait oil slips to $65.66 pb on Wednesday – KPC

Kuwait oil slips to $65.66 pb on Wednesday – KPC
Brent crude was down by 2.1% or $1.38 on Wednesday

Mubasher: The price of Kuwait’s crude oil dipped by 2 cents on Wednesday, 22 January, to settle at $65.66 per barrel (pb) from $65.68 pb a day earlier, according to the official prices announced by Kuwait Petroleum Corporation (KPC).

Globally, oil prices fell by 3% to the lowest level since December amid a forecast of market surplus during the first half (H1) of 2020 by the International Energy Agency (IEA).

In addition, the decline came amid an expected slip in demand over worries about China virus as well as concerns regarding supply disruptions in Libya. 

Brent crude was down by 2.1% or $1.38 at $63.21, while US West Texas Intermediate crude went down by $ 1.64 or 2.8% to settle at $56.74.