KUWAIT, Dec 19 (KUNA) -- International oil prices continued their downward trend through November, with both Brent crude and West Texas Intermediate (WTI) down by 38 percent since their peak in mid-June, unveiled a specialized energy report Friday.
In its monthly energy report, the National Bank of Kuwait (NBK) added that Brent settled at USD 70.6 per barrel (pb) while WTI dropped to USD 65.9/pb by the end of November-price levels last seen four and half years ago.
Kuwait Export crude, (KEC) meanwhile, fell to USD 67.1/pb at the end of the month.
It noted that the dramatic drop in oil prices since June when Brent topped USD 115/bbl amid fears that the Islamic State in Iraq and the Levant (ISIL) insurgency would threaten Iraq's oil supplies has largely stemmed from a combination of weakening global demand and surging oil supply. A strengthening US dollar has also been a factor.
"The return of sizeable Libyan oil supplies after a year-long absence and increasing US light tight oil production has led to a glut of crude on international markets, putting pressure on prices," reads the report.
"In recent years, rising production from non-OPEC regions has managed to compensate for supply outages in OPEC countries, for instance, but 2014 has been notable for seeing oil output increase in geopolitical hotspots, such as Iraq and Libya, in spite of prevailing instability and insecurity." (end) fnk.ibi