Kuwait oil price drops

Kuwait crude oil price went down by USD 3.20 reaching USD 52.15 per barrel on Monday as compared to USD 55.35 pb in latest trades of the East markets ahead of China's holiday on Wednesday, according to Kuwait Petroleum Corporation (KPC) on Tuesday.
On the international markets, prices of forward deals dropped more than two percent in end of unstable trades, amid continuing jitters due to glut, hiking USD, despite pressures caused by a strike observed at American refineries.
The Brent forward deals fell USD 1.3 per barrel to USD 58.90 pb, while the American Texas crude dropped USD 1.3 to USD 49.45 pb.
Dr. Abdulsamee Behbehani, an oil expert, told KUNA that stability was largely being restored to the markets, indicating that the crude reserves rise halted a forecast trend that would put the prices above the USD 60 pb. Other factors were the Greek debts crisis and bearish trend of the US rate.