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Kuwait’s oil slides to $55.07 pb on Monday – KPC

Kuwait’s oil slides to $55.07 pb on Monday – KPC
Brent futures finished at $53.27 pb

Mubasher: The price of Kuwait crude oil dipped by $1.01 on Monday, 10 February, to stand at $55.07 per barrel (pb) from $56.08 pb last Friday, according to official data from Kuwait Petroleum Corporation (KPC).

Globally, prices fell to their lowest in 13 months by more than 1% on Monday due to weak demand in China following the spread of coronavirus.  

Oil crude dropped by around 20% from a peak in January as the China virus outbreak led to a slowdown in the world’s largest oil importer demand and raised concerns over an oil glut.   

In the meantime, Brent futures finished at $53.27 pb, while the US West Texas Intermediate (WTI) futures went down to $49.57 pb.