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Kuwait’s crude oil down 3 cents on Wednesday – KPC

Kuwait’s crude oil down 3 cents on Wednesday – KPC
Global oil prices jumped by 5% on Wednesday

Mubasher: The price of a barrel of Kuwait’s crude oil settled lower by 3 cents on Wednesday to stand at $26.89 when compared to $26.92 a barrel a day earlier, according to the official prices released by the Kuwait Petroleum Corporation (KPC).

Globally, oil prices jumped by 5% to a 10-week high, backed by a five-million barrel drawdown in the US crude inventories during the past week, reversing expectations of a 1.7 million barrel rise.

The US oil output was cut by 100,000 barrels per day (b/d) in the previous week to reach 11,500 million b/d.

Moreover, concerns over Moderna's potential coronavirus (COVID-19) vaccine capped gains.

Brent futures closed Wednesday up by $1.1 or 3.2% to settle at $35.75 a barrel, while the US West Texas Intermediate (WTI) futures finished higher by $1.53 or 4.8%, reaching $33.49 a barrel.