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.