Oil resumes fall as Kuwait oil workers end strike

LONDON:- Oil prices resumed falls Wednesday after petroleum workers called off a strike in key OPEC producer Kuwait, quashing hopes the disruption could help ease a persistent supply glut. Around 1100 GMT, US benchmark West Texas Intermediate (WTI) for delivery in May was down 91 cents at $40.17 a barrel. Brent North Sea crude for June delivery fell 70 cents to $43.32 a barrel compared with Tuesday's close. Prices "are coming under pressure again. after oil workers in Kuwait agreed to end their strike against wage and job cuts and work to return output to pre-strike levels", said analyst Craig Erlam at trading firm Oanda.–AFP

ePaper - Nawaiwaqt