Kuwait Petroleum Corporation (KPC) announced a decline in the price of its Kuwait Export Blend crude oil on Wednesday, with the benchmark falling by $1.41 to $112.68 per barrel. This decrease follows a previous price of $114.09 per barrel recorded in trading last Friday.

The drop in Kuwait’s crude oil price aligns with broader global trends. Brent crude futures, a key international oil benchmark, declined by 91 cents to settle at $115.81 per barrel. Meanwhile, West Texas Intermediate (WTI) futures, the main U.S. benchmark, fell by $1.51 to $101.76 per barrel.

The decreases come amid ongoing fluctuations in the oil market, influenced by a range of geopolitical and economic factors affecting supply and demand worldwide. Kuwait, as a major oil exporter, monitors these price movements closely due to their impact on its revenues and broader economic outlook.