Kuwait oil price down to USD 73.67 per barrel

The Kuwaiti oil price fell by 1 cent to USD 73.67 per barrel on Tuesday, compared to USD 73.68 pb on Monday, announced Kuwait Petroleum Corporation (KPC).

On the global scale, Brent crude went up USD 1.75 to reach USD 76.04 pb, and West Texas Intermediate crude rose by USD 1.53 to reach 72.09 pb.

Data released by the American Petroleum Institute (API) on Tuesday showed crude inventories rose 1.64 million barrels last week, while gasoline and distillate inventories combined fell by 3.5 million barrels.

In China, commercial banks on Monday cut base interest rates on one-year loans by 3.1 percent and 5-year interest rates by 3.6 percent by 25 basis points, according to the People’s Bank of China.

The cuts are part of an economic stimulus package announced by Chinese authorities in September aimed at supporting slowing economic growth.

Source: KUNA