Price of Kuwaiti oil barrel drops 84 cents to $102.94

The price of Kuwaiti oil barrel dropped 84 cents reaching USD 102.94 per barrel on Monday, compared to USD 103.78 per barrel last Friday, said Kuwait Petroleum Corporation (KPC) on Tuesday. Oil prices dropped in international markets after reports showed an increase that is higher than forecasted in distilled oil crude reserves. US oil crude prices dropped more than USD two, where the distilled oil crude reserves increased to five billion barrels, the highest record in over two months, with a low demand on fuel. Resuming oil exports from Libya also had an effect on drop of prices, the fourth in a row. Experts said the prices fall is also due to tax policies encouraging companies to reduce oil crude reserves by the end of year. Prices of forward Brent oil crude contracts dropped 89 cents yesterday reaching USD 106.89 per barrel, while the US oil crude dropped by USD 1.48 reaching USD 93.96 per barrel.