Mubasher: The price of Kuwait’s crude oil dipped by $1.46 on Wednesday, 8 April, to settle at $19.74 per barrel (pb), compared with $21.2 pb a day earlier, according to the official prices of Kuwait Petroleum Corporation (KPC).

Global oil prices jumped by more than 6%, buoyed by hopes that OPEC and its allies will agree to cut production at a meeting on Thursday.

During Wednesday’s session, the US crude climbed by more than 12% after a report by Bloomberg cited the energy minister of Algeria, which holds OPEC’s rotating presidency, saying that OPEC+ is discussing a “massive output reduction, which may reach 10 million barrels a day.”