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Kuwait oil price went up $3.31 to $116.12 pb

KUWAIT: The price of Kuwaiti oil went up by $3.31 to settle at $116.12 per barrel on Tuesday in contrast with $112.81 pb last Monday, Kuwait Petroleum Corporation (KPC) said on Wednesday. Globally, Brent crude climbed 52 cents to $114.65 pb, while the West Texas Intermediate crude edged up by $1.09, settling at $110.65 pb.

The price of OPEC’s basket of oils rose by $2.58 to $115.97 per barrel on Tuesday against $113.39 pb on Monday. Bulletin of the Organization of Petroleum Exporting Countries said Tuesday the annual average rate of the crudes’ basket, last year, reached $69.89 pb.

A report published last week by OPEC detailed that oil futures hiked sharply due to geopolitical tensions in Europe as well as possibility of increased demand on crude oil as Chinese authorities gradually lift COVID-19 restrictions. Energy ministers of the OPEC+ coalition agreed, on June 2, on increasing the oil production by 648,000 barrels per day for coming July and August. OPEC+ countries are set to hold a meeting on June 30, 2022, to follow up on market conditions. – KUNA

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