Amid the backdrop of increased global uncertainty and inflationary pressure stemming from higher oil prices, market participants widely anticipate the ECB to maintain the status quo regarding interest rates.
Amid the ongoing Israel-Hamas war, which raised concerns about its potential impact on crude oil, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said that if crude oil prices go up, it will have a very strong and adverse impact on attempts at global economic recovery.
Global crude oil prices moved in the northward direction on Monday, following the Israel-Hamas war that entered Day 3 with large fatalities on both sides.
Brent, the global benchmark responsible for influencing two-thirds of the world's oil, witnessed a 3.76 per cent increase, reaching a notable USD 87.76 per barrel.
Transporters have expressed their readiness to unilaterally raise fares or initiate a wheel-jam strike if the government does not backtrack on the oil price increase.
The price of Kuwaiti oil went down by 48 cents to USD 89.42 per barrel on Tuesday, compared to Monday's rate of USD 89.90 pb, said the Kuwait Petroleum Corporation (KPC) on Wednesday.
In his farewell speech at the National Assembly (NA) on Wednesday, Shehbaz Sharif said, "I never had to go through such a difficult test before in my 38-year-long [political] career as the country was mired in a severe economic crisis, oil prices remained high and there was political chao
Kuwait oil price climbed by USD 1.17 to USD 83.03 per barrel on Thursday vis a vis USD 81.86 pb on Wednesday, Kuwait Petroleum Corporation (KPC) said on Friday.