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Prices fall after Kuwaiti oil workers end strike

CCTV.com

04-20-2016 15:04 BJT

Crude futures stumbled on Wednesday on a rise in U.S. stockpiles and news that Kuwaiti oil workers ended a three-day strike that cut production.

Brent crude futures fell to around 43 U.S. dollars a barrel from Tuesday's close of 44 U.S. dollars. U.S. crude declined to around 41.5 U.S. dollars per barrel from Tuesday's close of 42.5 U.S. dollars. The Kuwait Oil Company was forced to cut output to as little as 1.1 million barrels per day (bpd) because of the strike. Output recovered to around 1.5 million bpd after the strike ended on Tuesday and was expected to soon return to around 3 million barrels per day.

The strike's end revived the bearish mood brought on by the failure of major producers to reach an agreement Sunday on a production freeze to help overcome a market imbalance that has sent prices tumbling since 2014.

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