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Kuwait oil up 70 cents on Monday – KPC

Kuwait oil up 70 cents on Monday – KPC
Global prices increased on Monday

Mubasher: The price of Kuwait’s crude oil rose by 70 cents on Monday, 17 February, to reach $57.95 per barrel (pb) from $57.25 pb last Friday, according to official prices released by Kuwait Petroleum Corporation (KPC).  

Meanwhile, Global prices regained their high level in line with updates on the novel coronavirus. Additionally, concerns over a slowdown in demand lingered, with expectations of potential oil trims by key traders that would lead to oil scarcity.  

Brent crude finished higher by 56 cents or 0.55% on Monday at $57.67 pb, while the US West Texas Intermediate (WTI) increased by 28 cents or 0.54% to $53.33 pb.  

OPEC and its allies are predicted to deepen current oil output levels that total 1.7 million barrels per day (bpd) in their coming meeting in March.