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Kuwait’s crude oil slumps to $31.89 pb on Tuesday – KPC

Kuwait’s crude oil slumps to $31.89 pb on Tuesday – KPC
Global oil prices fell by more than 6% on Tuesday

Mubasher: The price of Kuwait’s crude oil inched down by 27 cents on Tuesday, settling at $31.89 per barrel (pb) from $32.16 pb on Monday, according to the prices released by the Kuwait Petroleum Corporation (KPC).

Oil prices fell by more than 6% to its the lowest since 2016, below $30 pb amid growing fears over the coronavirus (COVID-19) pandemic and its repercussions weakening economic growth and demand.