KPC: Kuwaiti oil surges USD 4.5 to USD 75.40 pb

Kuwait crude oil surged USD 4.5 during Wednesday's trading to USD 75.40 per barrel compared with USD 70.90 pb the day before, Kuwait Petroleum Corporation (KPC) said Thursday. Brent futures edged 34 cents higher to reach USD 73.90 pb and West Texas Intermediate rose 27 cents to USD 70.10 pb. Oil prices have increased amidst fears of military escalation in the Middle East which may affect oil supplies. The joint ministerial monitoring committee of OPEC+ said during its meeting yesterday that member countries should abide by their production quotas, and would be monitoring the compliance. Source: Kuwait News Agency