Kuwaiti oil price drops 71 cents to $73.02 a barrel

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Mubasher – Mohamed Farouk: The price of a barrel of Kuwaiti oil fell during yesterday’s session by 71 cents; to reach $73.02, compared to $73.73 a barrel in the previous session; This is according to the price announced by the Kuwait Petroleum Corporation.

Globally, the price of benchmark Brent crude rose when settling transactions yesterday, while US NYMEX crude declined, with monitoring the developments of the Corona pandemic and the recent floods that struck China.

The data showed an increase in cases of coronavirus in several regions around the world during the weekend; This could slow down the demand for oil.

China – the world’s largest oil importer – is witnessing an increase in the number of corona injuries, coinciding with its battle against floods..

According to Reuters, Howie Lee, an economist at OCBC Bank, said that the crude markets witnessed an exaggerated reaction last week, after “OPEC +” reached an agreement to increase production starting in August; But he pointed out that the selling wave was like the previous waves, which proved to be short-lived.

Yesterday, the price of Brent crude futures for September delivery rose 0.5%, or 40 cents, to settle at $74.50 a barrel..

On the other hand, the price of the US NYMEX crude contract for September delivery fell yesterday by 0.2%, equivalent to 16 cents, at the level of $71.91 a barrel..

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