Kuwait crude oil price down to $80.01 per barrel
Kuwait Petroleum Corporation (KPC)
Kuwait - KUNA
The price of Kuwait crude oil per barrel went down USD 0.93 to stand at USD 80.01 pb yesterday compared to USD 80.94 the day before, said Kuwait Petroleum Corporation Friday.
Statistics on US inventories of natural gas, issued yesterday, noted that the continuous slide in oil prices was due in a great part to the lethargy in the world economic picture as the supply remained plentiful in the face of weakening demand.
Augmenting the retreating oil prices is the robust inventories of natural gas in the US, topping about 90 billion sq.ft. last week.
Parallel with that is the US Energy Agency's statement that demand has been the most feeble since 2009, thus keeping prices as low as they have been recently.
At the same time, the price of US crude futures for November delivery reached USD 83.08 this morning.
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