Kuwaiti oil price drops to USD 76.18 pb

KUWAIT, Sept 14 (KUNA) -- Price of Kuwaiti oil lost 48 cents falling to 76.18 per barrel on (pb) on Thursday compared to USD 76.66 pb the day before, Kuwait Petroleum Corporation (KPC) said on Friday.
The crude oil prices had fallen for the first time in three sessions while settling Thursday's trade, where New York Mercantile Exchange (NYMEX) incurred losses estimated at 2.5 percent, amid declining demand.
Brent Curde contracts for November's delivery fell by 1.6 percent reaching USD 78.45 dollars per barrel.
Meanwhile, the International Energy Agency (IEA), in a report carried by Bloomberg, said the oil prices would jump above the USD 80 pb level due to shrinking crude supplies -- mainly from Iran and Venezuela. (end) mke.rk