The spike in the price of Kuwaiti crude came at the heels of the Brent benchmark crude having a reduction in its price yesterday after having three-dollar increases per barrel for two consecutive days and after decreases in the price of US crude as well.
The price reduction in oil markets worldwide come at a time when it is perceived that the economic recovery in the US is tepid.
Though Brent crude registered its highest weekly price increase since last November, it is still lower by six percent from its level at the start of the current month. This takes place against the backdrop of reports from the US, Germany, and China affirming fears of a slow global economic recovery. Current Brent oil prices stand at USD 103.16 and US crude at USD 93.
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