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Kuwait’ oil up $1.28 on Wednesday – KPC

Kuwait’ oil up $1.28 on Wednesday – KPC
Global prices increased by 2.5% on Wednesday.

Mubasher: Kuwait’s crude oil price increased by $1.28 on Wednesday, 12 February, to finish at $56.14 per barrel (pb) as compared to $54.86 pb a day earlier, according to the official prices of Kuwait Petroleum Corporation (KPC).

On the global level, prices increased by 2.5% on Wednesday amid lower OPEC output by more than 500,000 barrels per day (bpd) last month due to Libya’s severe crude oil disruptions.  

In addition, OPEC reduced the global demand growth estimates by 0.23 million bpd to 0.99 million per day as a result of the coronavirus outbreak.  

Brent crude rose by $1.78 or 3.3% to $55.49 pb, while the US West Texas Intermediate (WTI) increased by $1.23 or 2.5% to $51.17 pb.