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FinancialNews
22-03-20
Price of Kuwaiti oil decreases by USD 2.71
(MENAFN) According to Kuwait Oil Corporation (KPC), on Friday, worth of Kuwaiti oil decreased by USD2.71 to USD30.44 for each barrel, in comparison with USD27.73 for each barrel on Thursday.
On Friday, American crude oil dropped by 10.7 percent, which is the lowest weekly decrease since 1991, amid strong cut of demand globally because of coronavirus outbreak.
COVID-19 has driven states to stop or limit transports locally and internationally, thus energy consumption ebbed.
Last week saw heavy selloffs for 4 days; Froward Brent crude contracts dropped by USD1.49 or 5.2 percent, standing at USD26.98 for each barrel.
MENAFN2203202000450000ID1099893689
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