LOC09:04
06:04 GMT
KUWAIT, March 23 (KUNA) -- The price of Kuwaiti oil went down by USD 1.14 to USD 47.33 per barrel Wednesday after being at 48.47 pb the day before, said Kuwait Petroleum Corporation (KPC) Thursday.
At the global level, the prices were down due to the rapid hike in American oil reserves, which spread doubts regarding the efficiency of the OPEC-led bid to lower production.
The price of the Brent crude was down 32 cents to USD 50.64 per barrel, the same case with the West Texas Intermediate, which was down 20 cents to USD 48.04 pb. (end)
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