Kuwait crude price down to $99.62 pb

The price of Kuwait crude oil slid two cents to USD 99.62 pb yesterday from the previous day level, Kuwait Petroleum Corp. (KPC) reported on Wednesday. The recent fluctuation in the prices on the world oil market resulted from the economic data from the United States as well as the increase in the output of the OPEC member states in April. While the Chicago Purchasing Manager Index (Chicago PMI) fell 3.4 to 49.0, a 3-1/2 year low last month, the US Consumer Price Index exceeded expectations in the same month, the KPC report noted. Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) said the output of its members went up after solving the problems that hindered the oil exports of Iraq and Libya. The increase in Iranian oil exports also contributed to the decline in the global prices amid expectations of surplus in supply. The US Department of Energy is expected to issue a report on the US oil inventories later today which, along with the Federal Reserve report on the interest rate in the world's largest economy, could impact the oil market.