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Kuwait’s crude oil up 62 cents on Wednesday – KPC

Kuwait’s crude oil up 62 cents on Wednesday – KPC
Global prices retreated by 4% on Wednesday

Mubasher: The price of Kuwait’s crude oil inched up by 62 cents on Wednesday, 11 March, to settle at $36.12 per barrel (pb) from $35.50 pb a day earlier, according to official prices by Kuwait Petroleum Corporation (KPC).

Global prices retreated by 4% on Wednesday amid higher supplies after the Saudi Ministry of Energy directed the Saudi Arabian Oil Company (Saudi Aramco) to raise its maximum sustainable capacity (MSC) to 13 million barrels per day (bpd) from 12 million bpd.  

Moreover, the UAE announced raising its oil production, while both Kuwait and Saudi Arabia reduced their crude oil prices. 

The US oil inventories surged by 7.7 million barrels, above expectations, according to data, whereas the oil output declined to an unprecedented level.