Kuwait oil price up to USD 69.45 pb

Business Published on: 04 January, 2020 @ 3:17 PM
Kuwait oil price went up by USD 2.19 to USD 69.45 per barrel (pb) in Friday's trade against USD 67.26 pb the day before, Kuwait Petroleum Corporation (KPC) said on Saturday.

In international markets, oil prices jumped to the highest level in over three months on Friday after the US killed commander of Islamic Revolutionary Guard Corps' Quds Force Qassem Soleimani, which raised concerns that this may disrupt crude supplies.

Brent mixed trading session on Friday rose USD 2.35 to USD 68.60 pb, the highest level since the attack on Saudi oil facilities last mid-September.

West Texas crude contracts rose USD 1.87 settling at USD 63.05 pb, the highest since last April 2019 at USD 64.09.

The US Department of Defense stressed the US army carried out a decisive defensive act, killing Soleimani and deputy chief of Iraqi Al-Hashd Al-Shaabi irregular force Abu Mahdi Al-Muhandes.

Iranian state television quoted Supreme Leader of Iran Ali Khamenei as vowing to retaliate for Soleimani's death. 

News Source: KUNA   


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