Kuwait City: Kuwait crude oil edged 67 cents higher during Tuesday’s trading to reach US$74.24 per barrel compared with US$73.57 the day before, Kuwait Petroleum Corporation said Wednesday.
According to Emirates News Agency, Brent futures surged US$3.22 to US$76.45 per barrel, and West Texas Intermediate rose US$3.07 to US$74.84 per barrel, reported Kuwait News Agency.
The changes in oil prices reflect ongoing fluctuations in the global oil market, influenced by supply and demand dynamics. The increase in Kuwait’s crude oil price is part of broader movements in the international oil scene, where benchmark indices like Brent and West Texas Intermediate have also experienced significant price shifts.
Such changes in oil prices are closely monitored by stakeholders in the energy sector, as they impact economic strategies and financial planning. The rise in prices could affect various sectors reliant on oil, from transportation to manufacturing, and influence economic policies in oil-producing countries.
