Mubasher: The price of Kuwait’s crude oil price registered $24.33 per barrel (pb) on Monday, 30 March, down by $1.93 when compared to $26.26 pb last Friday, according to the official prices released by Kuwait Petroleum Corporation (KPC).

At the global level, the oil prices fell to an 18-year low by more than 6.5% amid heightened fears of oversupply and weakening demand.

In the meantime, pessimism prevailed on crude investors due to stops in the worldwide economic activity in an attempt to curb the widespread of the coronavirus (COVID-19) pandemic, amid expectations that the world demand would plunge by about 20 million barrels per day.

Besides demand destruction, oil prices have been also hammered by the Saudi Arabia-Russia price war that is forecast to flood the markets with extra supply.