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Kuwaiti oil price down 3 cents to USD 48.27 pb

Kuwaiti oil price down 3 cents to USD 48.27 pb
KUWAIT, Aug 24 (KUNA) -- The price of the Kuwaiti oil dropped by 3 cents to settle at USD 48.27 per barrel (pb) Wednesday compared with USD 48.30 pb last Tuesday, said Kuwait Petroleum Corporation (KPC) Thursday.
At the global level, the prices were up due to data showing a decline in US crude reserves for the eight consecutive week.
The price of the West Texas Intermediate's future contracts for September delivery went up by 77 cents to reach USD 48.41 per barrel, the same case for the Brent crude's future contracts for October delivery, which rose 70 cents to reach USD 52.57 pb. (end) aam.haq