Kuwaiti oil surges $4.5 to $75.40 pb on Wednesday

Kuwait crude oil surged US$4.5 during Wednesday's trading to US$75.40 per barrel compared with US$70.90 pb the day before, Kuwait Petroleum Corporation (KPC) said Thursday. According to Kuwait News Agency (KUNA), Brent futures edged 34 cents higher to reach $73.90 pb and West Texas Intermediate rose 27 cents to $70.10 pb. Oil prices have increased amidst fears of tensions in the Middle East. The joint ministerial monitoring committee of OPEC+ said during its meeting yesterday that member countries should abide by their production quotas, and would be monitoring the compliance. Source: Emirates News Agency