Kuwait crude price down $0.19 to $105.34 per barrel

The Kuwaiti oil price was down by 19 cents to USD 105.34 per barrel (pb) on Wednesday compared to USD 105.53 pb on Tuesday, the Kuwait Petroleum Corporation (KPC) said here on Thursday. Meanwhile, Crude Oil Brent (CB) prices settled above USD 109 pb at London Stock Exchange on Wednesday as trades focused on the shrinking price difference with US crude ahead of US data, which is expected to show a decline in crude stocks and Brent crude for January delivery, to reach the level of USD 109.36 pb. Also, crude oil futures prices for January delivery settled at its highest level in six weeks at New York Mercantile Exchange (NYMEX), recording USD 98. 42 pb. Earlier, the US Energy Information Administration (EIA) indicated that the US production of oil had reached its highest level in 25 years last November at an average of USD 8 million barrels per day. Furthermore, an EIA data showed on Wednesday that US commercial crude oil inventories fell 10.6 million barrels last week, which is the biggest weekly decline in a year, reaching 375 million barrels.