Kuwait oil down 72 cents to USD 104.93 pb

KUWAIT, July 24 (KUNA) -- The price of Kuwaiti crude oil went down 72 cents to USD 104.93 per barrel (pb) on Wednesday against USD 105.65 pb the day before, the Kuwait Petroleum Corporation (KPC) said here on Thursday.
Global oil prices have been dwindling away amid growing concerns over the situations in Ukraine and Gaza, given that oil prices are affected by the geopolitical factor.
Oil prices have been affected by the rise in the production capacity of crude oil refineries in the US, the world's major oil consumer.
US crude oil prices hit USD 102.3 pb on Monday, recording the highest level of USD 102.44 pb and the lowest level of USD 101.46 pb. (end) mjb.tg