Kuwaiti oil is losing 47 cents, to 61.79 dollars a barrel

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Mubasher – Mohamed Farouk: A barrel of Kuwaiti oil fell by 47 cents during yesterday’s session. The price of a barrel reached 61.79 dollars, compared to 62.26 dollars a barrel on Tuesday, according to the price announced by the Kuwait Petroleum Corporation.

Globally, oil prices rose yesterday thanks to the possibility of stronger global economic growth in light of an increase in vaccinations and a report stating that crude stocks in the United States, the largest consumer of fuel in the world, declined.

But optimism about talks between the United States and Iran over the latter’s nuclear program and an expected increase in supplies from major producers dampened the gains.

Brent crude futures rose 16 cents, or 0.3%, to $ 62.90 a barrel by 6:57 GMT, while U.S. West Texas Intermediate crude futures for May delivery increased 14 cents, equivalent to 0.2%, to $ 59.47.

On the other hand, oil inventories in the United States decreased by more than expected last week, while gasoline inventories increased in the same period.

Data from the US Energy Information Administration revealed that crude oil inventories fell by 3.5 million barrels for the week ending on April 2, against expectations that indicated a decline of 700 thousand barrels.

On the other hand, US gasoline inventories increased by 4 million barrels, and distillate stocks increased by 1.5 million barrels.

With the start of trading on Thursday, global oil prices retreated after the rise in US gasoline stocks; This has raised concerns about the demand levels of the country, the world’s largest economy.

Today, Brent crude futures for June delivery fell by 0.7% to $ 62.74 a barrel, and US NYMEX crude for May delivery fell by 0.8% at $ 59.36 a barrel.

Nominations:

A judgment issued in favor of a company affiliated with “Kuwait Real Estate” in a compensation lawsuit

The joint company signs a usufruct sale contract … and the share will return to circulation on the Kuwait Stock Exchange







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