Oil rose around two per cent on Tuesday as a strike by oil workers in Kuwait nearly halved crude production from the Opec member, overshadowing bearish sentiment following Sunday’s failure by producer
Oil rose around two per cent on Tuesday as a strike by oil workers in Kuwait nearly halved crude production from the Opec member, overshadowing bearish sentiment following Sunday’s failure by producers to agree to freeze output levels.
Thousands of Kuwaiti oil workers downed tools for a third day on Tue-sday to protest against planned public sector pay reform, cutting crude output to 1.5 million barrels per day (bpd), according to an oil spokesman cited by news agency KUNA.
That is little more than half of Kuwait’s average output of 2.8 million bpd in March. Brent crude futures, the global benc-hmark, traded at $43.72 a barrel, 81 cents, or 1.9 per cent, above Mon-day’s close. US crude futures were up 64 cents, or 1.6 per cent, at $40.42 a barrel.
