Price of the Kuwaiti crude oil, on Monday, rose 39 cents to USD 93.98 per barrel compared with USD 93.59 pb on Friday, Kuwait Petroleum Corporation (KPC) said on Tuesday.
Demand in the international market, meanwhile, dropped amid a glut and a prospected OPEC’s decision to slash prices, while the crude Brent price for forward deals fell to less than USD 97 pb.
OPEC’s Secretary General Abdalla El-Badri announced, last week, that the cartel might slash the output next year, thus resulting in a boost to the Brent prices on Friday.
The Brent deals for November’s delivery fell USD 1.42 pb to USD 96.97 pb. The forward deals for the light American crude, for the October delivery, dropped 89 cents to USD 91.52 pb.
The Kuwaiti oil expert, Khaled Boodai, had told KUNA the oil prices would remain in the range of USD 90-95 pb till the year-end. He attributed this forecast to the noticeable supply surplus, however, he cautioned that the prediction might be altered in case major political or natural events occurred.
He attributed the glut to the output hike by a number of producers, namely Iraq and Libya, in addition to the mounting production of Shale oil by the United States.
Meanwhile, China’s demand for the fuel has fallen, along with shrinking industrial output, in addition to the prevailing stability in European Markets.
Source : KUNA Kuwait News agency
