Kuwait crude price down by 75 cents, reaching $101.95

Price of the Kuwaiti crude oil went down 75 cents reaching USD 101.95 per barrel (pb) on Wednesday compared to USD 102.70 pb the day before, Kuwait Petroleum Corporation (KPC) said on Thursday. The oil prices were affected yesterday on the international markets as American governmental data showed an outstanding hike in the commercial stocks in the largest consumer of the oil worldwide by threefold increase. Oil prices were put under pressure due to fears of slowdown in growth in China, considered the second largest consumer of oil in the world, following negative information, released lately. US oil futures dropped by more than two percent yesterday to register the largest decrease for the last two months, while Brent crude prices suffered a slight decrease. New York Mercantile Exchange (NYMEX) ended US light crude futures for April delivery by dropping USD 2.04 to reach USD 97.99 pb, while Brent crude went down in London Stock Exchange by 53 cents-0.49 percent, to reach USD 108.02 pb