Price of Kuwaiti crude oil down 29 cents to USD 39.89

KUWAIT, July 26 (KUNA) -- The price of Kuwaiti crude oil went down 29 cents to USD 39.89 per barrel Monday after being at USD 40.18 pb last Friday, said a statement by Kuwait Petroleum Corporation (KPC) Tuesday.
In the world market, oil prices fell more than two percent, with U.S. crude hitting a three-month low, on rising concerns that a global glut of crude and refined products would pressure markets, delaying a long-anticipated rebalance in the market.
Data from market intelligence firm Genscape pointing to an inventory rise of 1.1 million barrels at the Cushing, Oklahoma delivery point for U.S. crude futures in the week to July 22 weighed on crude prices.
U.S. crude settled down USD 1.06 at USD 43.13 a barrel, after touching a three-month low of USD 42.97 during the session, while Brent crude futures ended the session down 97 cents at USD 44.72 a barrel. (end) mam.haq