Kuwait oil strike improves stocks

Striking oil workers in Kuwait have caused the price of oil to climb by more than 3%.

The strike has nearly cut Kuwait’s oil production levels in half now that workers are in their third day off the job. Workers are protesting against planned public sector pay reform.

In March, the country produced 2.8-million bpd. During the strike, output has been 1.5-million bpd. Brent crude futures have been trading up $1.29 at $44.20.

(Written by: N. Reitmayer; Original information source: The Globe & Mail http://www.theglobeandmail.com/report-on-business/international-business/oil-rises-as-kuwaiti-oil-workers-strike-cuts-output-for-third-day/article29672481/)