Oil prices have increased following a fall in crude production due to a strike by oil workers in Kuwait.
Brent crude futures were up 40 cents and traded at $43.31 a barrel, while the US crude futures increased 33 cents at $40.11 a barrel, Reuters reported.
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The work stoppage by Kuwaiti oil workers protesting against planned public sector pay reform caused the output to fall by 60% to around 1.1 million barrels a day.
Oil workers have launched the strike protesting cuts in pay and benefits as Middle Eastern crude exporters cut subsidies and government handouts.
However, according to analysts, the OPEC member’s disruption may be brief and investors’ focus would be on the market’s supply glut again following the collapse of a meeting by major oil exporters to agree to freeze output at January levels.
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After Saudi Arabia demanded Iran to sign up, the output freeze proposal fell apart.
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