The price of Kuwait’s oil dropped by $2.77 on Monday, 3 February, to settle at $56.93 per barrel (pb) from $59.7 pb on Friday, according to Kuwait Petroleum Corporation’s (KPC) official prices.
On the global level, oil prices saw their lowest finish in a year by 3% on Monday amid fears over a slowdown in demand. Investors are worried about a lower demand in China, the world’s largest oil importer, following the coronavirus outbreak.
In the meantime, the price of Brent crude dipped by $2.17 or 3.83% to close at $54.45 pb, having fallen to the lowest level since January last year.
The US West Texas Intermediate was also seen down by $1.45 or 2.8%, settling at $50.12 pb. Source: Mubasher