Kuwaiti oil barrel drops 47 cents, reaches USD 40.41

KUWAIT, Aug 26 (KUNA) -- The price of Kuwaiti oil barrel dropped 47 cents reaching USD 40.41 on Tuesday, compared to USD 40.88 on Monday, said Kuwait Petroleum Corporation (KPC) on Wednesday.
Prices had risen in international oil markets yesterday as investors started buying again. Although sales rates were high in the past two days, they stayed at their lowest in six and a half years. Oil prices are still affected by the increase in offer and the slow economy growth rate in China.
Meanwhile, Brent crude contracts had risen by 52 cents (about 1.22 percent), reaching USD 43.21 per barrel upon settlement in London Stock Exchange, while in New York Mercantile Exchange (NYMEX), the US crude oil contracts rose by USD 1.07 (2.8 percent), reaching USD 39.31 pb.(end) asj.ag