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Kuwait’s crude oil up 34 cents on Tuesday - KPC

Kuwait’s crude oil up 34 cents on Tuesday - KPC
Global oil prices fell on Wednesday

Mubasher: Kuwait’s crude oil price inched up by 34 cents on Tuesday to finish at $26.92 per barrel (pb) from $26.58 pb a day earlier, according to the official prices released by Kuwait Petroleum Corporation (KPC).

At the global level, oil prices fell on Wednesday ahead of the announcement of the US crude inventory data and amid worries over the effectiveness of a potential coronavirus (COVID-19) vaccine.

Initial data by the American Petroleum Institute (API) showed a drawdown in the US crude inventories by 4.8 million barrels a day during the week ended on 15 May. Other expectations, however, indicated a 1.7 million barrel rise.

Official data from the Energy Information Administration (EIA) is due later today.

On Wednesday, Brent crude futures for July delivery grew by 23 cents or 0.7%, settling at $34.88 pb, while the US West Texas Intermediate (WTI) crude futures for July rose by 14 cents or 0.4% at $32.10 pb.