Kuwaiti oil up 98 cents to $41.86 per barrel
Kuwait''s crude oil
Kuwait - KUNA
The price of Kuwaiti oil barrel went up 98 cents on Wednesday, reaching USD 41.86, compared to the day before of 40.88 per barrel, said Kuwait Petroleum Corporation (KPC) on Thursday.
Global oil prices continued its downward trend yesterday, especially after US official data showed a new hike in crude oil reserve, which backed fears of market saturation against weak demand.
The decline has been ongoing since June 2014 as the second-biggest ever, after the collapse in 2008 which followed a record high.
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