Kuwait crude price drops to 102.77 pb

Price of Kuwaiti crude oil continued to drop for the second day in a row, falling to USD 102.77 per barrel on Friday compared to USD 104.15 pb two days ago, Kuwait Petroleum Corporation said in a statement on Saturday. Oil prices continued to slip in international markets for the second day after OPEC announced, after a meeting on Wednesday, to increase daily oil production to 30 million pb. Prices of the crude have been fluctuating upward and downward throughout 2011 due to various factors, namely the European debts crisis. The setback of the crude prices last week was due to the failure of the Eurozone leaders to provide a solution to fix this debts cirsis.