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Boursa Kuwait achieves historic rise, supported by oil prices

Boursa Kuwait

Moscow, (Business News Report)|| Boursa Kuwait has achieved a historic rise, on Wednesday, to break the 8,500 points barrier, supported by the rise in oil prices.

Oil prices are rising on the impact of the Russian-Ukrainian war, reaching their highest levels since 2014.

Boursa Kuwait recorded the highest rise in its history on the impact of the rocketing rise in oil prices.

The stock exchange started trading on Wednesday with the rise of all indices, as its general index recorded a new historical level after Kuwaiti oil prices reached $102.31 a barrel, an increase of $4.18.

Crude prices reached $111 a barrel due to the Russian invasion of Ukraine, which raised major global concerns about energy supplies.

On Tuesday, the United States announced that it would release 30 million barrels of its own oil reserves.

The world is awaiting the meeting of the OPEC+ alliance scheduled for today, to consider its policy, which greatly affects prices. The alliance is expected to maintain the gradual increase of 400,000 barrels per day.

In early February, OPEC+ announced that it would maintain its oil production policy, unchanged, during the month of March.

The alliance led by Saudi Arabia and Russia said it decided to reconfirm the production adjustment plan in force since July 2020, which provides for an increase of 400,000 barrels per day, during the month of March 2022.

In a related context, oil prices continue to rise, in light of the continuation of the Russian-Ukrainian war, and the refusal of the OPEC+ alliance to increase production.

Oil prices reached their highest level since August 2014, at a time when Brent crude reached $111 a barrel.

According to London Stock Exchange data, at 05:46 Saudi time, the value of the execution futures contracts for Brent crude oil, with delivery in May 2022, increased by 5.83%.

According to the data of this stock exchange, the price of one barrel of Brent crude reached $111.09.

As of 05:52 Saudi time, Brent crude price growth slowed to 5.77%, to trade at $111.03 a barrel.

For its part, Reuters news agency said that US crude oil prices rose more than $6 to $109.58 a barrel.

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