Kuwaiti crude price down 21 cents to US dorrar 103.48 per barrel

Kuwaiti oil price went down 21 cents, reaching USD 103.48 per barrel (pb) in Tuesday's trades, compared to USD 103.69 pb the day before, Kuwait Petroleum Corporation (KPC) said in a statement Wednesday. Crude prices were affected by analysts' forecasts regarding the US oil reserves, to be announced by US Information Energy Administration, later today, as the oil barrel prices is linked in inverse relationship with the level of oil reserves in the most energy consuming countries in the world. The relative containment of the Russian-Ukrainian crisis checked the oil price hike, as the goods markets, namely oil and gold markets, witnessed a low rate of investors' speculations. Crude oil futures in the New York Mercantile Exchange (NYMEX) reached the highest levels at USD 103.55 pb, and lowest at USD 103.50 pb.