KUWAIT, Nov 15 (KUNA) -- Kuwait oil price dropped 61 cents to USD 59.48 per barrel in Tuesday's trades against USD 60.09 pb on Monday, Kuwait Petroleum Corporation (KPC) said on Wednesday.
In global markets, oil prices moved down on Tuesday after the International Energy Agency (IEA) lowered its demand growth forecast for 2017-2018 due to speculations with respect of mounting crude output in the United States of America.
These speculations have fueled anticipation a market glut may be witnessed anew.
Meanwhile, price of the Brent crude oil dropped 95 cents, settling at USD 62.21 per barrel. Likewise, price of the West Texas Intermediate (WTI), also known as Texas light sweet, dropped USD 1.06 To settle at USD 55.70 pb.
The WTI is a a grade of crude oil used as a benchmark in oil pricing. This grade is described as light because of its relatively low density, and sweet because of its low sulfur content. (end)