Kuwait Oil Price Down 99 Cents to USD 40.03 Pb

Price of Kuwaiti crude oil went down 99 cents to USD 40.03 per barrel on Monday after it was at USD 41.02 pb last Friday, said Kuwait Petroleum Corporation (KPC) on Tuesday.

In international markets, the oil price also went down due to indications that major exporters would not reach a consensus on setting an output ceiling during next week, in addition to reports indicating the US would record highest rise in a number of drilling rigs since collapse of the crude oil prices two years ago.

Meanwhile, price of the Brent Blend moved up upon settlement USD 1.46 to USD 47.35 pb. West Texas crude oil also rose USD 1.45 to USD 45.93 pb. 

Source : QNA