Oil prices rise as strike by Kuwaiti oil workers cuts output for third day

Thousands of Kuwaiti oil workers remained on strike for a third day on Tuesday to protest against planned public sector pay reform, cutting crude output to 1.5 mln barrels per day (bpd), according to an oil spokesman cited by news agency KUNA. Oil prices rose by over 3% after a strike by workers in Kuwait nearly halved the country's crude production, overshadowing bearish sentiment after Sunday's failure by producers to agree to freeze output levels. Additionally, reports of power outages leading to output declines of about 200,000 bpd in Venezuela and a pipeline fire in Nigeria that may have cut production by 400,000 bpd, along with the upcoming refinery maintenance season helped to support prices. Brent crude futures settled at US$44, while US crude settled at US$41.
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