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Kuwait’s crude oil falls $2 pb on Monday

January 15, 2019 8:22 AM
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Kuwait’s crude oil falls $2 pb on Monday

Mubasher: The price of Kuwait’s crude oil tumbled $2.1 to $58.44 per barrel (pb) on Monday, against $60.54 pb on Friday, according to the Kuwait Petroleum Corporation (KPC).

Globally, oil prices slid by more than 1% on Monday, amid concerns of a global economic slowdown after Chinese data showed a retreat in imports and exports.

Last December, China’s total exports fell by 4.4% year-on-year, hitting its lowest monthly level in two years, official data indicated on Monday.

Moreover, US drillers closed four oil rigs to a total of 873 in the previous week ended 11 January, according to data released by energy service firm Baker Hughes.


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