KUWAIT: Kuwait crude oil gained $2.63 during trading sessions to reach $105.05 per barrel as opposed to $102.42 pb the day before, Kuwait Petroleum Corporation (KPC) said yesterday. Benchmark Brent futures dropped $1.89 to $98.02 pb and West Texas Intermediate lost $1.40 to close at $95.04 pb. Meanwhile, the price for OPEC's daily basket of crude went up by $1.20 to $104.06 per barrel (pb) on Wednesday, compared with $102.86 pb Tuesday, the cartel said.
The monthly average for the Organization of the Petroleum Exporting Countries' basket of crude General last month was $69.89 last month, it said in a statement. OPEC and its allies, a group known as OPEC+, agreed last month to proceed with a production hike of 400,000 barrels per day (bpd), keeping their current policy of slight monthly increases in output. The OPEC+ alliance also agreed to follow up on the developments of the COVID-19 pandemic to monitor its repercussions on the market, making immediate adjustments if necessary.- KUNA