Mubasher: The price of a barrel of the Kuwait crude oil jumped by $2.18 on Monday, reaching $37.52 when compared to $35.34 last Friday, according to the official prices released by the Kuwait Petroleum Corporation (KPC).

At the global level, oil prices dropped by more than 3% as Saudi Arabia intends to end its voluntary oil cuts at the end of this month.

Recently, OPEC+ agreed to extend oil production cuts by 9.7 million barrels per day (b/d) until the end of July.

In the meantime, Brent futures closed yesterday down $1.5 or 3.6% to settle at $40.8 a barrel, whilst the US West Texas Intermediate (WTI) futures fell $1.36 or 3.4% to reach $38.19 a barrel.