Kuwaiti oil price drops USD 1.1

Price of Kuwaiti crude oil decreased USD 1.1 per barrel on Monday to USD 107.71 pb compared to USD 108.81 pb on Friday, the state-run Kuwait Petroleum Corporation (KPC) said on Tuesday. Decrease of crude price was attributed to tendency among investors to abstain from trading in high-yield assets, with tapering appetite for risks, as a result of reports about failure to cut the US budget deficit. The prices of the crude have been also affected with rise of the US dollar rate, with tendency among traders to buy low-yield assets and decline of confidence in financial markets, as well as renewed fears over the complex European financial crisis. (end) mam.rda.rk KUNA 221117 Nov 11NNNN