Kuwait oil price down by USD 2.71 to USD 30.44 pb

  • Mar 21, 2020
  • KUNA

KUWAIT, March 21 (KUNA) -- Price of Kuwaiti oil went down by USD 2.71 to USD 30.44 per barrel Friday against USD 27.73 pb the day before, said Kuwait Oil Corporation (KPC) Saturday.

Globally, American crude oil fell by 10.7 percent, Friday, lowest weekly drop since 1991, amid drastic decline of demand worldwide due to spreading disease, coronavirus (COVID-19).

The contagious disease has prompted states to stop or limit transports locally and across borders, thus energy consumption ebbed.

Last week witnessed hefty selloffs for four days. Froward Brent crude contracts declined by USD 1.49, 5.2 percent, settling at USD 26.98 pb. Simultaneously, the American crude delivery contracts for April dropped by USD 2.69, 10.7 percent, closing at USD 22.53 pb.

The American crude lost half of its value in the last two weeks. The Brent plummeted by 40 percent, largely due to the dwindling demand and producers' non-adherence to output cut, according to previously crafted deals. (end) km.rk