Kuwaiti crude drops $4.42 to reach $102.80
Kuwaiti crude declines as Brent stabilizes above $100 amid Middle East risks and US storm
Translated by Qiyas from الجريدة — Original source
The price of a barrel of Kuwaiti crude oil fell by $4.42 to reach $102.80 per barrel in yesterday’s trading, down from $107.22 in last Monday’s trading, according to the price announced by the Kuwait Petroleum Corporation.
In global markets, prices remained stable today, with Brent crude futures holding firm above $100 per barrel, as investors weighed increased Gulf exports against ongoing supply risks stemming from the conflict in the Middle East and a storm heading toward U.S. oil-producing regions.
Commodity analysts at ING said, “At present, market tension is likely to persist regarding any potential supply disruptions,” adding that supply risks from the Middle East remain real amid continued attacks on ships.
Saudi Energy Minister Prince Abdulaziz bin Salman said on Tuesday that oil flowing through the East-West pipeline had risen to 5.8 million barrels per day.
The chief executive of Vitol, the commodities trading firm, said yesterday that approximately 12 million barrels per day of crude oil and 2 million barrels per day of refined products had departed the Middle East region on tankers over the past seven to ten days.
The crisis in U.S.-Iran relations has not approached any resolution, as U.S. President Donald Trump stated on Tuesday that no one knows who is running Iran amid the ongoing eighth-month war between the United States and Israel on one side and Iran on the other.
