Kuwaiti oil price down USD 1.05 to reach USD 47.41 pb

KUWAIT, Aug 16 (KUNA) -- The price of the Kuwaiti oil dropped by USD 1.05 to reach USD 47.41 per barrel (pb) Tuesday compared with USD 48.46 pb on Monday, said Kuwait Petroleum Corporation (KPC) Wednesday.
At the global level, the prices of future contracts of crude oil were at the lowest levels within three weeks during Tuesday's trading, amid continued fears of a supplies surplus at the international markets.
The price of the West Texas Intermediate's future contracts delivered in September went down by 37 cents to settle at USD 47.22 per barrel. The Brent Crude's future contracts delivered in October went down by 50 cents to reach USD 50.23 pb. (end) mam.hm