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Kuwait oil gains 68 cents to $40.88 pb: KPC

KUWAIT: Kuwait’s oil price rose 68 cents during Wednesday’s trading sessions to reach $40.88 per barrel (pb) compared with $40.20 pb the day before, Kuwait Petroleum Corporation (KPC) said yesterday. Benchmark Brent futures also dropped 66 cents to $41.99 pb and the West Texas Intermediate shed 72 cents to $39.95 pb.

The OPEC daily basket price increased at $40.45 per barrel Wednesday, compared to $40.33 pb the previous day, OPEC Secretariat said yesterday. OPEC annual price reached $52.43 pb. The OPEC reference Basket of Crudes is made up of Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). – KUNA

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