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Kuwait’s oil down 85 cents on Wednesday – KPC

Kuwait’s oil down 85 cents on Wednesday – KPC
Brent crude levelled down by 73 cents on Wednesday

Mubasher: The price of Kuwait’s crude oil settled lower by 85 cents on Wednesday, 4 March, to stand at $52.25 per barrel (pb), compared with $53.10 pb last Tuesday, according to Kuwait Petroleum Corporation (KPC).

In the meantime, global oil prices declined ahead of an OPEC meeting to discuss output cuts.

Oil inventories in the US rose for the sixth consecutive week though lower than expectations, according to the Energy Information Administration (EIA), while crude production hit an estimated record-high of 13.1 million barrels per day.

Brent crude levelled down by 73 cents or 1.4% on Wednesday to $51.13 pb, while the US West Texas Intermediate (WTI) inched down by 40 cents to $46.78 pb.