The price of Kuwaiti crude oil went down USD 1.04 per barrel (pb) in yesterday's trading and stood at USD 107.87 per barrel (pb) compared to USD 108.91 pb the day before, Kuwait Petroleum Corporation (KPC) said on Wednesday.
The oil market was affected by reports that the output of Iraq, the OPEC's second biggest oil producer, will not be gravely impacted by the ongoing security and political situation.
Several reports have indicated that the security developments in Iraq has yet to affect operations in the country's major oilfields, which are far away from the violence.
On Tuesday, crude oil was traded at USD 105.97 per barrel in the New York Mercantile Exchange (NYMEX) with the highest trading price reaching USD 106.46, while the lowest was at USD 105.53 pb