Kuwaiti crude price drops to $105.24

The price of Kuwaiti crude oil plummeted by USD 0.8 to USD 105.24 pb on Monday from USD 105.32 pb the day before, Kuwait Petroleum Corporation (KPC) said Tuesday. The crude price dropped from its highest levels since the last three weeks, amid fears of that Cyprus would impose taxes on bank deposits under a plan to save its economy, which raised fears about the eurozone crisis and possibilities of its exacerbation. Cypress presented a request to Eurozone Ministry of Finance to raise the rescue package by USD 5.8 billion through taking a share of each bank account in Cyprus, which resulted in a decline in futures by 0,9 percent in The New York Stock Exchange (NYSE), for the first time during the last three days. Crude oil futures for April delivery decreased by 68 cents to reach USD 92. 59 pb in NYSE trading on Monday, while the contract raised by 42 cents to reach USD 93.45 in March 15, hitting its top settlement levels since February 20.