The price of Kuwaiti oil went up 18 cents to USD 77.88 per barrel on Tuesday, compared to USD 77.70 pb on Monday, said Kuwait Petroleum Corporation (KPC) on Wednesday.
On a global scale, the price of the Brent crude futures’ contracts went down USD 3.77 to USD 73.75 pb, as did the West Texas Intermediate crude, down USD 3.21 to USD 70.34 pb.
A struggle for control over the Libyan Central Bank led to a halt in oil production in Libya, which threatened an economic crisis there due to the heavy reliance on oil revenues and it also posed a risk to global oil supplies.
China announced on Monday that new export orders declined in July for the first time in eight months, and that new home prices in August rose at a slow pace in 2024.
In the US, gasoline futures fell by about 6 percent to the lowest levels since December 2021, as the end of the summer season affected demand for car fuel.
Source: Kuwait News Agency