Kuwait oil price down to USD 31.62 pb – KPC

Kuwait oil price down to USD 31.62 pb - KPC
Kuwait oil price down to USD 31.62 pb – KPC

KUWAIT, March 16 (WAM) — The price of Kuwaiti oil went down on Tuesday by USD 1.12 to settle at US 31.62 pb compared to US 32.74 pb the day before, said Kuwait Petroleum Corporation (KPC) on Wednesday.
Oil prices continued to decline for the second consecutive session in world markets attributed to hike in US oil reserves and fears related to supply and demand and forecasts of increasing production in a number of countries, which would saturate markets with surplus.
Brent crude went down USD 38.74 to close at US 38.74 a barrel, as well as the US crude oil moving down 84 cents to settle at US 36.34 a barrel. (end) osj.lb