KUWAIT CITY: Kuwait’s oil price rose by $1.01 to reach $74.20 per barrel on Wednesday, up from $73.19 the previous day, according to the Kuwait Petroleum Corporation (KPC).
Despite Kuwait’s price increase, international oil markets saw declines. Brent crude futures dropped by $1.74, settling at $69.30 per barrel, while West Texas Intermediate (WTI) crude fell by $1.95 to $66.31 per barrel, as reported by the Kuwait News Agency (KUNA).
Oil prices have remained volatile due to fluctuating global demand, geopolitical factors, and economic uncertainties. Analysts suggest that Kuwait’s price rise could be linked to regional supply adjustments or market-specific dynamics, even as global benchmarks experience downward pressure.
With energy markets facing ongoing shifts, Kuwait’s oil sector remains a key player in OPEC’s production strategies. The country continues to monitor global trends, adjusting its pricing and output strategies to align with economic and market conditions.
