Mubasher: The price of Kuwait’s crude oil rose by 62 cents on Monday to settle at $21.25 per barrel (pb) from $20.63 pb last Friday, according to official prices released by Kuwait Petroleum Corporation (KPC).

Global oil prices fell by more than 2% in a volatile session, impacted by plans on additional supply cuts and fears over a second wave of the coronavirus (COVID-19) pandemic.

The drop came also amidst a slowdown in the global demand causing fears over a supply glut.

Brent crude futures went down $1.37 or 4.4% to reach $29.60 pb, while the US West Texas Intermediate (WTI) crude futures declined by 60 cents or 2.4% to finish at $24.14 pb.