(MENAFN- Kuwait News Agency (KUNA)) The price of Kuwaiti oil barrel dropped 11 cents, reaching USD 45.64 on Wednesday, compared to USD 45.75 on Tuesday, as announced by Kuwait Petroleum Corporation (KPC) on Thursday.
Oil prices had dropped by one third since last June, while being unstable with a slight rise from its lowest recorded rates in six years and a half. Oil prices were affected by the huge rise in the US crude oil reserves, with fears of market glut, which leads to a drop in prices.
Meanwhile, Brent forward contracts had lost 45 cents upon settlement (about one percent), reaching USD 48.7 per barrel.(
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