Kuwait Oil Price Up 13 Cents to USD 44 pb

The price of Kuwaiti oil went up by 13 cents Tuesday to reach USD 44 per barrel after being at USD 43.87 pb the day before, said Kuwait Petroleum Corporation (KPC) Wednesday.

    At the world market, the price of oil went down due to the increase of the exchange rate for the US Dollar and also fears of overwhelming supplies. Expectation for an increase in US crude reserves, despite a retreat in oil operations in the Gulf of Mexico as a result of a tropical storm, also played a part in the price decrease. 

    The price of the Brent crude went down by 89 cents to USD 48.37 per barrel, the same case with the price for the West Texas Intermediate which was down by 63 cents to USD 46.35 pb.