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Kuwait oil falls to $26.33 pb

oilKUWAIT: Price of Kuwaiti oil went down $1.23 to $26.33 per barrel Wednesday as opposed to $27.67 pb on Tuesday, said Kuwait Oil Corporation (KPC) yesterday.

In the world market, the crude price went down, Wednesday, six percent, due to rise of US crude reserves’ rise-higher than forecast-and issuance of weak economic reports from China, the world’s second leading crude consumer, thus fueling concerns the market glut will persist. Meanwhile, price of the Brent Blend dropped $2.19 settling at $34.23 per barrel.

The American crude oil also fell, USD two, settling at USD 33.97 pb. – Kuna

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