Kuwait City: Kuwait crude oil climbed 31 cents during Wednesday's trading to reach USD 65.24 per barrel compared with USD 64.93 per barrel the day before, Kuwait Petroleum Corporation (KPC) said Thursday.
According to Kuwait News Agency, while Kuwait's crude oil experienced an increase, global benchmarks saw a decrease in their prices. Brent futures dropped 77 cents, settling at USD 64.86 per barrel, while West Texas Intermediate lost 56 cents, ending at USD 62.85 per barrel.
The contrasting movements in the local and global oil prices reflect varying market dynamics and regional factors influencing each. The increase in Kuwait's crude oil price marks a significant divergence from the global trend observed during the same trading session.