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Kuwait oil traded at $121.62 pb

KUWAIT: Kuwait oil price edged a single cent upward reaching $121.62 per barrel on Monday against $121.61 pb Friday, Kuwait Petroleum Corporation said on Tuesday. In international markets, forward contracts of the Brent crude rose by $2.24 to settle at $121.67 pb and identical deals of the intermediate West Texas crude climbed by $1.99 to reach $117.06 pb.

Meanwhile, the price of the OPEC crudes went up by $1.17 to settle at $120.01 per barrel on Monday as opposed to $118.84 pb last Friday, said the international oil cartel on Tuesday. According to the OPEC bulletin, the average oil price of the cartel basket in 2021 was at $69.89 per barrel.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), 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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