Kuwait crude oil prices went down by 42 cents to USD 16.99 per barrel yesterday from Friday’s USD 17.41 pb, according to data released by Kuwait Petroleum Corporation (KPC) on Tuesday.
The decline coincided with negative reports of the overwhelmed global market that forced the US crude futures into an all-time record low of minus USD 37.63 pb yesterday.
The prices of West Texas Intermediate (WTI), the US oil market benchmark, plunged to USD -37.63 pb in May contracts, which represents a 306 percent nosedive.
Meanwhile, Brent Crude, the global market benchmark the benchmark, went down to USD 25.57 pb in June contracts, a decline by nearly nine percent, which is far better than that of the US oil prices.
The lockdowns, forced by the coronavirus pandemic, resulted in weak demand and redundant supply, thus overloading of storage facilities and transshipment points such as the vital Cushing facility in Oklahoma State.
