The price of a barrel of Kuwaiti oil rose 86 cents to $83.47 per barrel in trading at the end of the week yesterday (Friday), compared to $82.61 in trading the previous day, according to the price announced by the Kuwait Petroleum Corporation.
Globally, Brent crude futures fell $1.24 to settle at $81.13 per barrel, while US West Texas Intermediate crude closed at $77.16 per barrel, down $1.12.
Oil futures fell about 1.5 percent yesterday, ending the week lower, due to a decline in Chinese demand and hopes of reaching a ceasefire agreement in Gaza that could ease tensions in the Middle East and the accompanying supply concerns.
Data released last week showed that China’s total fuel oil imports fell 11 percent in the first half of 2024, raising concerns about the outlook for oil demand there.
