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KUWAIT OIL PRICE DOWN USD 1.73 TO USD 41.08 PB

KUWAIT – The price of Kuwaiti crude oil went down USD 1.73 Tuesday, to USD 41.08 per barrel, after it was at USD 42.81 pb on Sept 9, said Kuwait Petroleum Corporation (KPC), Wednesday.

The declines in world oil prices, by as much as three percent, came, after consumers and producers changed their expectations over the continuing glut of global supply of crude, for a longer period than previous predictions.

The International Energy Agency had noted existence of a sharp slowdown on oil demand, inflation of stockpiles and growing supplies, which means continuing oversupply until at least the end of the first half of 2017.

Source: Nam News Network