Kuwaiti oil price drops to $108.85

Price of the Kuwaiti crude oil went down 23 cents to USD 108.85 per barrel on Monday compared to USD 109.08 pb last Friday, Kuwait Petroleum Corporation (KPC) said in a statement on Tuesday. The Kuwaiti crude price went down in spite of the rising oil price in the international markets yesterday to trade near its highest level in four months in New York after recording the longest series of weekly profits since April of the year 2009, while expectations of a global economic recovery enhances demand of fuel. Crude oil prices for March futures rose by 14 cents to reach USD 96.02 pb in electronic trading of New York Mercantile Exchange (NYMEX), after the deal rose last week by 0.3 percent to reach USD 96.24 pb, hitting its highest level since 17 September of 2012.