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Kuwait’ oil up $1.28 on Wednesday – KPC
13 - Thu - Feb - 2020
Kuwait’ oil up $1.28 on Wednesday – KPC

Kuwait’s crude oil price increased by $1.28 on Wednesday, 12 February, to finish at $56.14 per barrel (pb) as compared to $54.86 pb a day earlier, according to the official prices of Kuwait Petroleum Corporation (KPC).

On the global level, prices increased by 2.5% on Wednesday amid lower OPEC output by more than 500,000 barrels per day (bpd) last month due to Libya’s severe crude oil disruptions.  ​​​​​​​

In addition, OPEC reduced the global demand growth estimates by 0.23 million bpd to 0.99 million per day as a result of the coronavirus outbreak.  

Brent crude rose by $1.78 or 3.3% to $55.49 pb, while the US West Texas Intermediate (WTI) increased by $1.23 or 2.5% to $51.17 pb.  

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