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Kuwaiti crude drops by USD 1.45

KUWAIT, March 17 (KUNA) -- Kuwaiti oil prices dropped by USD 1.45 in Wednesday's trading to USD 103.29 per barrel compared USD 104.74, Kuwait Petroleum Corporation (KPC) said on Thursday.
Crude prices dropped below USD 100 pb yesterday, amid gloomy expectations of the drop in demand of the globe's third largest consumer, Japan, which was recently affected by a catastrophic earthquake and tsunami.
The natural disaster not only affected oil prices, but also led to a slump in global stock markets in light of a decrease in investor confidence towards taking risks, while Japanese Prime Minister Naoto Kan had recently announced the likelihood of radiation exposure to increase after the third explosion of a nuclear plant in the country; Fukushima nuclear plant - which could see Japan facing a nuclear catastrophe.
In the meantime, Japan has opted to close down a number of oil refineries, which together provide the country with around 29 percent of its oil-generated energy, thus limiting the nation's demand of crude.
However, despite this minor decrease of crude prices, major political turmoil in the Middle East and North Africa, involving Tunisia, Egypt, Libya and Bahrain, has in turn led to a record rise in prices not witnessed in two years and a half.
OPEC, which produces 40 percent of global crude, said on Tuesday that the price of its 12-crude basket was down by USD 1.31 on Monday, reaching USD 107.
87 pb. (end) mam.gta KUNA 171058 Mar 11NNNN