Kuwaiti crude price drops $ 1.17 to $ 106.36 pb

Kuwait Petroleum Corporation (KPC) said on Tuesday that the price of Kuwait's crude oil dropped USD 1.17 in Monday's trading to settle at USD 106.36 per barrel (pb) compared to USD 107.53 last Friday. Oil prices have decreased amid an atmosphere of cautions prior to the official launch of the USD 500 billion Euro-Zone rescue fund to rescue the troubled region. The World Bank cut its economic growth forecasts for the East Asia and Pacific region, because there was a risk the slowdown in China could worsen and last longer than many analysts have forecast. Oil prices are still threatened by the impact of the continuing concerns regarding potential threats, especially in light of the continuing conflict in Syria and Iran's dispute with the West over its nuclear program. European future Brent dropped on Monday amid fears that the slowdown in economic growth in China and Europe's debt crisis may reduce demand for oil, but the losses shrank by potential supply disruption due to unrest in the Middle East. Meanwhile, Brent crude dropped USD 00.20 during November delivery to settle at USD 111.82 per barrel (pb). US crude oil futures dropped for the second time in a row in volatile trading on Monday, fearing that the economic slowdown may decrease global demand for oil, while US light crude oil fell by USD 00.55 in November delivery to settle at USD 89.33 pb.