KUWAIT CITY: The price of Kuwaiti crude oil dropped to US$72.47 per barrel on Monday, marking a decrease of US$2.56 compared to Friday’s closing rate of US$75.03, as announced by the Kuwait Petroleum Corporation.
This decline comes amid a broader downturn in global oil markets. Brent crude prices fell by 91 cents, settling at US$68.76 per barrel, while West Texas Intermediate dropped by US$1.04 to close at US$66.29 per barrel, according to the Kuwait News Agency (KUNA).
Experts attribute the drop in oil prices to ongoing global economic concerns and fluctuations in demand forecasts. The volatility is also linked to market reactions following data on inflation, interest rates, and geopolitical developments affecting energy supply chains.
The Kuwait Petroleum Corporation continues to monitor global oil trends closely, especially as prices remain sensitive to global market shifts. The recent drop reflects the current cautious outlook within the energy sector and comes as oil producers assess the potential impact of slowing global growth on future consumption.
Kuwait, a member of the Organisation of the Petroleum Exporting Countries (OPEC), relies heavily on oil revenues for economic stability. Any prolonged decline in prices may prompt closer scrutiny of output strategies and economic diversification plans.
Global markets are expected to keep a close watch on further updates from OPEC+ meetings and international demand signals in the weeks ahead.
-Agencies
