Mubasher: The price of a barrel of Kuwait’s crude oil amounted to $26.58 on Monday, up by 82 cents when compared to $25.76 a barrel last Friday, according to the official prices released by the Kuwait Petroleum Corporation (KPC).

Global oil prices jumped by more than 8%, with Nymex registering a two-month high, driven by the current production cuts.

Lending further support to the rise were hopes of a gradual rise in oil demand as more countries are further easing their lockdown restrictions imposed against the growing spread of the coronavirus (COVID-19) pandemic.

In addition, crude markets took heart on optimism over a potential COVID-19 vaccine.

Brent futures for July closed up by $2.31 or 7.1% to stand at $34.81 a barrel, whilst the US West Texas intermediate (WTI) futures for June grew by $2.39 or 8.1% to settle at $31.82 a barrel.