Kuwait Oil Price Down to US $34.20 per barrel

Kuwait oil price went down 45 cents, reaching USD 34.20 per barrel in Wednesday's trades against USD 34.65 the day before, Kuwait Petroleum Corporation (KPC) said on Thursday.

    The decline of Kuwaiti crude oil prices in global markets came after data showed a rise in US crude stocks last week. The American Petroleum Institute (API) said US crude stocks rose by 8.8 million barrels last week, about three times than expected. 

    A meeting of major oil producers is scheduled in Doha, Qatar, on April 17, and is meant to support crude oil prices. The meeting will focus on freezing crude oil production to help balance the oil supply and demand.