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Kuwait’s crude oil slides to $32.16 pb on Monday – KPC

Kuwait’s crude oil slides to $32.16 pb on Monday – KPC
Global oil prices fell to their lowest since 2016 on Monday

Mubasher: The price of Kuwait’s crude oil decreased by $3.3 on Monday to $32.16 per barrel (pb) from $35.46 pb last Friday, according to the official prices of the Kuwait Petroleum Corporation (KPC).

On Monday, global prices slumped to their lowest since 2016 on oversupply fears, coupled with the outbreak of the coronavirus (COVID-19) pandemic and its effect on the global demand and the price war between key producers.

Brent crude closed yesterday at $30.50 pb, while the West Texas Intermediate (WTI) settled at $29.65 pb.