21/04/2020
Arab Times
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KUWAIT, April 21 (KUNA) - The price of a barrel of Kuwaiti oil fell 42 cents to $ 16.99 in trading yesterday, compared to $ 17.41 in trading last Friday, according to the price announced by the Kuwait Petroleum Corporation.
Globally, US crude oil futures prices yesterday turned negative for the first time in history, ending the session at minus $ 37.63 a barrel, with dealers selling heavily due to the rapid filling of storage facilities at the main delivery center in Cushing, Oklahoma.
Brent crude futures fell, but they did not reach these weak levels thanks to the availability of more storage capacity available around the world.
US benchmark West Texas Intermediate contracts ended May trading session yesterday, dropping $ 55.9, or 306 percent, to settle at minus $ 37.63 a barrel, while Brent contracts closed as low as $ 51.51, or 9 percent, to settle at settlement $ 25.57.
