Kuwait crude oil price drops to $50.01 per barrel

Price of Kuwaiti crude oil dropped in Friday's trading by USD 1.35 reaching USD 50.01 per barrel compared to USD 51.36 pb in Thursday's transactions, said a statement by Kuwait Petroleum Corporation (KPC) on Saturday.
On international markets, oil prices dropped, on Friday, whereby total losses incurred throughout the week were estimated at nine percent, the KPC report said, indicating that the losses were attributed to the USD strength restoration -- reaching the highest level vis a vis European currencies since 12 years ago.
Market glut has contributed to pushing the oil prices down. Paradoxically, the oil prices turned downward despite reported shutdown of some drilling sites in the United States -- now a major exporter of Shale oil.
Price of the Brent crudes for April's delivery dropped USD 2.41, some 4.2 percent, settling at USD 54.67 pb. Meanwhile, American light crude contracts closed with fall by USD 2.21, some 4.7 percent, reaching USD 44.84 pb.