Kuwait crude oil plunged USD 3.42 during Tuesday’s trading to reach USD 70.90 per barrel compared with USD 74.32 pb the day before, Kuwait Petroleum Corporation (KPC) said Wednesday.
Benchmark Brent futures rose USD 1.86 to USD 73.56 pb and West Texas Intermediate gained USD 1.66 to USD 69.83 pb.
Oil prices increased by three percent yesterday following rising geopolitical tension in the Middle East amidst fears oil exports might be affects.
Oil markets are under pressure due to projected drop especially by China, where data showed a drop in industrial activities for the five-month running.
Source: Kuwait News Agency