Kuwait oil price down to USD 82.61 pb – KPC

Price of Kuwaiti oil dropped USD 1.29 to settle at USD 82.61 per barrel on Wednesday compared with USD 83.90 pb the day before, Kuwait Petroleum Corporation (KPC) said in on Thursday. Globally, the price of Brent crude rose by 70 cents to USD 81.71 pb, while West Texas Intermediate crude rose by 63 cents to USD 77.59 pb. Oil prices settled higher on Wednesday, supported by large declines in US crude and fuel stocks, as well as growing supply risks from Canadian wildfires, but hovered close to their lowest level in six weeks due to concerns over weak global demand. The US Energy Information Admiration said that US crude oil inventories fell by 3.7 million barrels last week, while gasoline stocks fell by 5.6 million barrels and distillate stocks, which includes diesel and heating oil, fell by 2.8 million barrels. Source: Kuwait News Agency