In April 2024, Brent Crude Oil prices hovered around USD 89.4 per barrel, experiencing a slight ease due to concerns over global demand and a stronger dollar index.
The report emphasised that these purchases, totalling an estimated 1.95 million barrels per day (b/d), were pivotal in averting potential chaos in the crude oil market and preventing a surge in prices by approximately USD 30-USD 40 per barrel.
The price of Kuwaiti crude oil went up by 33 cents to USD 81.98 per barrel on Friday, compared with USD 81.65 pb on Thursday, said Kuwait Petroleum Corporation (KPC) on Saturday.
The price of Kuwaiti oil went down by USD 2.44 to reach USD 82.27 per barrel on Friday, compared to USD 84.71 per barrel the day before, said the Kuwait Petroleum Corporation (KPC) on Saturday.
According to Fitch's Global Economic Outlook (GEO), a scenario with average oil prices of USD 75 per barrel in 2024 and USD 70 per barrel in 2025 could be upended if oil prices spike to USD 120 per barrel in 2024 and USD 100 per barrel in 2025 due to supply restrictions.
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.
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.
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.
By 1:12 am (Local Time), Brent was trading at USD 85.41 per barrel (6.46 per cent). The price of futures contracts of WTI crude oil for May 2023 delivery went up by 6.21 per cent, to USD 80.37 per barrel.