Mubasher: The price of Kuwait’s crude oil plunged a whopping $15.56 on Monday, 9 March, to settle at $34.26 per barrel (pb) from $49.82 pb last Friday, according to the official prices by the Kuwait Petroleum Corporation (KPC).

Meanwhile, global oil prices climbed by 7% early Tuesday, following the plunge of more than 20% on Monday where it marked the worst day since 1991 and the lowest level in four years.

The major losses are attributed to the price war, which began after the collapse of OPEC’s oil output cut deal with Russia last week and Saudi Arabia’s decision to slash prices.      

Initial figures for the US oil inventories of last week will be announced later on Tuesday, while official data are set to be disclosed on Wednesday.   

Earlier on Tuesday, Brent futures for May rose by more than 1% to $36.77 pb, while the US Nymex futures for April surged by more than 6.7% to $33.23 pb.