Kuwait oil price down to US dollar100.07 pb

Price of Kuwaiti crude oil went down 39 cents, reaching USD 100.07 per barrel (pb) on Tuesday compared to USD 100.46 pb on Monday, Kuwait Petroleum Corporation (KPC) said on Wednesday. Within the global sphere, the price of oil saw a retreat due to a report by American petroleum authorities showing that US crude oil reserves increased by 8.97 million barrels. The price was also effective by OPEC's announcement yesterday that its expectations for the global demand for oil would increase by 900,000 barrels per day in the second part of the year as compared to the 700,000 bpd recorded in the first part of 2013. OPEC also added that it would increase the level of oil at the global market without leading to over saturation.