Kuwait oil price dropped to US$71.39 per barrel, reflecting wider declines in Brent and WTI crude across global markets.
KUWAIT CITY: The price of Kuwaiti oil declined by US$1.35, settling at US$71.39 per barrel (pb) on Monday, according to a statement issued by the Kuwait Petroleum Corporation on Tuesday. This represents a drop from US$72.74 pb recorded at the close of trading last Friday.
The downward shift aligns with broader market movements, as Brent crude prices fell by US$2.16 to US$67.97 pb, while West Texas Intermediate (WTI) dropped US$2.27 to US$63.45 pb, according to figures reported by the Kuwait News Agency (KUNA).
Global oil prices have been under pressure due to concerns over demand outlook, rising inventories, and economic indicators from major consuming nations. Market analysts cite macroeconomic uncertainty, including interest rate expectations and slower manufacturing activity, as contributing factors behind the price movement.
Kuwait, a key oil producer within the Organisation of the Petroleum Exporting Countries (OPEC), closely monitors price fluctuations that affect its national revenues and fiscal planning. The recent decline underscores the ongoing volatility in energy markets, especially amid shifting global supply-demand dynamics.
The oil sector remains central to Kuwait’s economy, and the government continues to evaluate external and internal trends that impact price stability and export performance.
