Mubasher: Kuwait’s oil added 18 cents at the closing of Monday’s trades to reach $73.63 per barrel (pb), compared to Friday’s closing at $73.45 pb, data released by the Kuwait Petroleum Corporation (KPC) showed.
The compliance committee affiliated to the Organization of Petroleum Exporting Countries (OPEC) said recently that overall compliance to the deal to reduce output was 109% by participating countries.
On a separate note, the International Energy Agency (IEA) warned of further supply disruptions from Venezuela’s whose economy has been suffering one hit after another, added to the US sanctions imposed on Iran.
By 8:27 am GMT, Brent crude, for October delivery, gained 0.47% to $76.57 pb, while US crude (Nymex) increased 0.12% to $68.95 pb.
