Kuwaiti oil price drops 57 cents to $84.65 a barrel

Mubasher – Mohamed Farouk: The price of a barrel of Kuwaiti oil fell in yesterday’s session by 57 cents; It reached 84.65 dollars, compared to 85.22 dollars a barrel in the first session on Tuesday, according to the price announced by the Kuwait Petroleum Corporation.

Globally, oil prices fell by more than 2% when trading yesterday, after a sudden rise in US crude stocks and with monitoring developments in the supply of crude.

Data from the US Energy Information Administration revealed that crude inventories in the United States rose by 4.3 million barrels for the week ending October 22, while expectations were for a decline of 100,000 barrels.

The weekly report also showed that US gasoline stocks fell by two million barrels last week, and distillate stocks fell by 0.4 million barrels.

Investors are waiting for the “OPEC +” group meeting next week, amid expectations of fixing the oil production policy, which indicates a monthly increase of 400,000 barrels per day until February 2022.

In terms of trading yesterday, the prices of the futures contracts for Brent crude, the standard for delivery in December, fell by 2.1%, or the equivalent of $1.82, to reach $84.58 a barrel upon settlement.

The price of US West Texas crude for December delivery also fell by 2.4%, or the equivalent of $1.99, at $82.66 a barrel.

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