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The price of Kuwaiti crude dropped 80 cents to settle at USD 122.60 per barrel on Tuesday, in comparison to USD 123.40 pb on the day before, Kuwait Petroleum Corporation (KPC) said on Wednesday.
The decline in oil prices was due to speculations that the US oil reserve reached its highest last week; US markets are considered the biggest consumer of energy.
The production Saudi crude oil will increase to meet growing demands especially after Iran threatened to halt its oil exports to Europe.
Oil prices still on a state of fluctuation due to many factors such as the geopolitical situation in the Middle East and the Iranian halt of its oil exports and Europe’s sovereign debt crisis.
