Kuwait oil price down 61 cents to USD 69.01 pb

The price of Kuwaiti oil went down by 61 cents to reach USD 69.01 per barrel (pb) Wednesday, after being at USD 69.62 pb the day before, said Kuwait Petroleum Corporation (KPC) on Thursday.

On the global scale, the oil price rose on Wednesday after data showed strong demand for gasoline and distillates.

The rise comes after a surprise surge in US crude inventories with US oil production reaching 11 million bpd for the first time ever.

The Brent crude rose 74 cents to reach USD 72.90 pb while the West Texas Intermediate was also up 68 cents to reach USD 68.76 pb.

Source: Kuwait News Agency