Crude falls in Asia as Kuwait oil workers end strike

Singapore: Oil prices resumed their fall in Asia Wednesday after petroleum workers called off a strike in key OPEC producer Kuwait, quashing hopes the disruption could help ease a persistent supply glut.

Curtailed production resulting from the three-day strike in OPEC's fourth biggest member led prices to rise Tuesday, ending a four-day losing streak.

But prices resumed their decline after the Kuwait Oil Workers Union on Wednesday ended their mass action and decided to return to work, hours after a fresh appeal by the acting oil minister.

The strike, which began on Sunday, slashed Kuwait's crude and natural gas production by more than half.

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Source: gulfnews.com

Image Credit: Photo courtesy of Saudi Aramco