By: Mohamed Farouk
Mubasher: The price of Kuwait’s crude oil increased by $1.44 to settle at $70.86 per barrel (pb) on Monday, its highest level in five months, compared to $69.24 pb on Friday, according to the latest data by the Kuwait Petroleum Corporation (KPC).
Since the beginning of 2019, Kuwait’s crude oil jumped 35.8% pb, or $18.69, compared to $52.17 pb by the end of 2018.
The recent improvement in oil prices came after expectations that international oil supplies will level down, oil analyst Abdulaziz Alrowais stated.
US sanctions against major crude producers Iran and Venezuela have contributed to boosting oil prices globally, Alrowais added.
The analyst also expected that if the Middle East geopolitical tensions persist, especially in Libya and Iran, in addition to the US-China trade war, this may boost oil prices to $80 pb before the end of April.
Translated by: Mohammad Hesham Azab
