Price of the Kuwaiti crude oil rose USD 1.69 to USD 35.34 pb in Friday’s trades against USD 33.65 pb on Thursday, Kuwait Petroleum Corporation (KPC) said on Saturday.
In international markets, forward deals of the North Sea Brent Crude Oil climbed USD 2.31, 5.8 percent, to USD 42.30 pb. Meanwhile, the identical contracts for West Texas Intermediate crude oil climbed USD 2.14, 5.7 percent, settling at USD 39.55 pb.
By contrast, price of the Kuwaiti crude oil dropped 94 cents to settle at USD 33.65 per barrel in Thursday’s trades against USD 34.59 pb on Wednesday.
On June 2nd, the Kuwaiti crude price began a bullish tendency crossing the USD 30 pb level by more than three points; as compared to the drastic slump in April when it dropped as low as approximately USD 12 pb, amid climax of the pandemic.
Coronavirus had paralyzed various sectors, worldwide, namely transports and industries that depend heavily on fossil fuel. The prices started turning up as nations began easing constraints
Source: Kuwait News Agency