Oil Declines as Kuwait Workers End Strike After 3-Day Disruption

20 Apr 2016   Kuwait

Oil fell after Kuwait workers said they would end a strike that disrupted output in OPEC’s fourth-largest producer for three days. Futures fell as much as 3 percent in New York. Prices gained 3.3 percent on Tuesday, the first advance in five days, after the protest reduced Kuwait’s production by as much as 1.7 million barrels a day. U.S. inventories probably increased by 3 million barrels last week, according to a Bloomberg survey before an Energy Information Administration report Wednesday. That compares with industry data showing a 3.1 million-barrel gain. Talks in Doha on Sunday between the world’s largest producers about capping production failed after Saudi Arabia insisted it wouldn’t restrain output without commitments from all Organization of Petroleum Exporting Countries members, including Iran, which has ruled out freezing for now. Workers in Kuwait went on strike to protest cuts in pay and benefits as Middle Eastern crude exporters […]

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