Kuwait increased crude oil prices by 0.44% to be $63.78 per barrel, compared to $63.5 per barrel on December 29th, 2017, Kuwait News Agency (KUNA) reported.
Brent Blend fell by around 0.45% to reach $66.57 per barrel, while Mid West Texas crude oil decreased by around 0.08% to settle at $60.37 per barrel, according to Zawya News.
Global oil demand will increase 1.5 million barrels per day (b/d) next year, Kuwait’s Oil Minister, Bakheet El Rashidi, had predicted, according to Bloomberg.
“That [higher demand] will support oil prices and support refining margins,” the minister said, according to the news agency. “Refining margins will be better than this year because they are linked to demand growth.”