Kuwait Oil Price Declines While Global Benchmarks Rise

KUWAIT CITY: The price of Kuwaiti oil decreased by 62 cents to USD 73.68 per barrel on Monday, compared to USD 74.30 per barrel last Friday, as reported by the Kuwait Petroleum Corporation (KPC) on Tuesday. This decline comes amid contrasting trends on the global oil market. According to Kuwait News Agency, while Kuwaiti oil prices saw a reduction, global oil benchmarks experienced an increase. The price of Brent crude rose by USD 1.23, reaching USD 74.29 per barrel, and West Texas Intermediate crude increased by USD 1.34 to USD 70.56 per barrel. Analysts attribute the rise in global oil prices to a combination of slowing economic growth in China and falling risk premiums in the Middle East.