Kuwait city: Kuwait crude oil dropped USD 1.28 during Tuesday's trading to reach USD 66.11 per barrel compared with USD 67.39 per barrel the day before, Kuwait Petroleum Corporation (KPC) said Wednesday. Brent futures lost 45 cents to USD 64.44 per barrel and West Texas Intermediate dropped 49 cents to USD 60.56 per barrel.
According to Kuwait News Agency, the recent decline in oil prices reflects broader trends in the global oil market, with both Brent and West Texas Intermediate futures experiencing decreases. Brent futures, a major benchmark for international oil prices, saw a reduction of 45 cents, settling at USD 64.44 per barrel. Meanwhile, West Texas Intermediate, a key indicator of U.S. oil prices, decreased by 49 cents, closing at USD 60.56 per barrel.