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KUWAITI CRUDE PRICE DROPS TO USD 40.45 PER BARREL

KUWAIT, – The price of the Kuwaiti oil dropped by 44 cents on Monday, to USD 40.45 per barrel (pb), compared to USD 40.89 pb on Friday, the Kuwait Petroleum Corporation (KPC) said on Tuesday.

In the international market, the price for oil crude went up due to an increase in oil excavation activities in the US.

According to Baker Hughes Incorporated, an American oil services company, the increase of oil drilling platforms in the US by 10 percent also played a part in the global price hike.

The number of platforms in the US had reached 351, this is the fifth update to the number, in a period of six weeks.

Source: Name News Network