On Wednesday, Kuwait Petroleum Corporation (KPC) reported that the cost of Kuwaiti oil rose by one dollar from the previous day, reaching $87.23 per barrel. Meanwhile, Kuwait News Agency (KUNA) reported that the worldwide price of Brent Crude also increased by one cent, reaching $84.94 per barrel, while West Texas Intermediate increased by 29 cents to $80.71 per barrel, according to WAM.
The global price surge was influenced by a combination of factors, including increased demand for oil, supply chain issues, and economic improvements in various countries. Additionally, the Organization of the Petroleum Exporting Countries (OPEC) and its allies’ efforts to restrict production were instrumental in maintaining stable oil prices.
