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Kuwaiti oil price down USD 3.25 to USD 23.50 pb

Kuwaiti oil price down USD 3.25 to USD 23.50 pb
Kuwaiti oil price down USD 3.25 to USD 23.50 pb
KUWAIT, Feb 11 (KUNA) -- The price of Kuwaiti oil dropped USD 3.25 on Wednesday reaching USD 23.50 per barrel (pb) compared with USD 26.75 pb on Friday, said Kuwait Petroleum Corporation (KPC) on Thursday.
On global markets, U.S. crude prices fell as stockpiles at the main U.S. delivery point at Cushing, Oklahoma, hit record highs amid output cuts by refiners, while the Brent crude rose after global production cuts, suggested by Russia.
U.S. crude settled down 49 cents, or 1.8 percent, at USD 27.45 pb, while Brent mix closed up 52 cents, or 1.7 percent, settling at USD 30.84 pb.(end) osj.haq