The price of Kuwaiti crude oil went down on Tuesday by 88 cents to USD 40.80 per barrel after being at USD 41.68 pb the day before, said Kuwait Petroleum Corporation (KPC) Wednesday.

    At the world markets, the price of oil decreased due to Brent crude finishing with a loss as traders eyed a pact between the worlds two largest crude producers, Russia and Saudi Arabia, they would set up a working group to monitor the oil market and come up with recommendations to promote stability.

    Meanwhile, the price of the Brent crude was down 37 cents to USD 47.26 per barrel.