The price of Kuwaiti crude oil slid by 64 cents to settle at USD 99.14 in yesterday’s transactions compared to USD 99.78 the day before, said Kuwait Petroleum Corp. on Friday.
The mild decline in the price was attributed to two main factors: the plentifulness of oil in the marketplace, especially after OPEC increased production in the current month, boosted by production spikes in Iran, Angola, and Libya. The other factor was the robust increase in the price of the US greenback.
Oil market observers are nowadays steering their attention to the push-and-pull tension between Moscow and Kiev which they surmise might at one point in the short term lead to a jolt in the price of oil.
Meanwhile New York Stock Exchange commodity prices saw the crude oil price reach USD 94.71 in yesterday’s trading whereas the Brent mixture price stayed at USD 102.76.
Source : KUNA Kuwait News agency
