Kuwait oil price drops to USD 34.21 pb

KUWAIT, Dec 8 (KUNA) -- Price of Kuwaiti oil fell by USD 1.71 to USD 34.21 per barrel on Monday as opposed to USD 35.92 pb the day before, said a statement by Kuwait Petroleum Corporation (KPC) on Tuesday.
At the world market, forwards of the Brent Blend dropped to the lowest level in seven years, against backdrop of the US dollar rise and failure of OPEC's member states of reaching a deal on the market glut at their latest meeting, held in Vienna on Friday.
The Brent Blend dropped, upon settlement, at USD 2.27, some 5.28 percent, reaching USD 40.73 pb. The American crude oil also decreased upon settlement by USD 2.32, some 5.80 percent, to USD 37.65 PB. (end) osj.rk