KUNA reported that the Kuwaiti crude oil price dropped USD 1.67 per barrel in the Tuesday trading reaching the level of USD 113.70 per barrel compared to USD 115.37 per barrel the day before.

The decrease in oil prices was due to fears regarding the weak growth levels of international economy, in Europe and the United States which negatively reflected on the global oil demands.

The Organization of Petroleum Exporting Organization declared that the price of its basket of crudes dropped, 62 cents to USD 117.37 per barrel from USD 117.99 per barrel on Friday. The cartel basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE), and Merey (Venezuela).

(Sourced from KUNA)