Kuwait Oil Price Slightly Declines as Global Crude Prices Increase

KUWAIT CITY: The price of Kuwaiti oil experienced a marginal decrease on Tuesday, dropping by 1 cent to USD 73.67 per barrel, as reported by the Kuwait Petroleum Corporation (KPC) on Wednesday. This slight decline contrasts with the global trend, where other major crude prices saw increases. According to Kuwait News Agency, Brent crude rose by USD 1.75, reaching USD 76.04 per barrel, while West Texas Intermediate crude increased by USD 1.53, settling at USD 72.09 per barrel. The shifts in prices come amid new data from the American Petroleum Institute (API), which revealed a rise of 1.64 million barrels in crude inventories last week. Conversely, gasoline and distillate inventories combined saw a decrease of 3.5 million barrels. Meanwhile, in China, commercial banks have reduced base interest rates on one-year loans by 3.1 percent and five-year interest rates by 3.6 percent, following a 25 basis point cut. The People's Bank of China indicated that these adjustments are part of a broader economic stimulus pa ckage announced in September, designed to bolster the nation's slowing economic growth.