Published On: Thu, Jan 1st, 2015

Kuwaiti crude down USD 2.2 to USD 50.70 pb

Oil

Oil

The price of Kuwait’s crude oil dropped by USD 2.2 on Tuesday, to USD 50.70 per barrel (pb), compared to USD 52.90 pb on Monday, said Kuwait Petroleum Corporation (KPC) on Wednesday.
International crude prices saw new falls on Tuesday, as Brent hit USD 56.92, its lowest since May 2009, amid fears of oversupply on the market.
The decline also comes amid rising expectations that the crude oil inventory in the US, the world’s biggest consumer, will remain unchanged since they hit their highest last July.

Source : KUNA Kuwait News agency

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