The Price of Kuwait crude oil went down in Wednesday's transactions by USD 1.04 to USD 107.67 pb, compared to USD 108.71 on Tuesday, Kuwait Petroleum Corporation (KPC) said on Thursday.
Oil prices have been volatile globally due to the political and economic tensions in many parts of the world.
Despite the drop in Kuwaiti crude price, price of US crude futures rose by end of trading at the New York Mercantile Exchange (NYMEX) pushed up by a wave of demand prior to the Thanksgiving holiday in the US. Prices have curbed their gains slightly yesterday following news of a truce between Israel and Hamas in Gaza.
By end of NYMEX trade, US crude oil gained 63 cents to settle at USD 87.38 a barrel, while Brent futures rose by USD 1.03 to settle at USD 110.86 a barrel.
According to official US data, US crude oil and refined products stockpiles dropped last week with the decline in crude oil imports and the rise of refining activity.
The US Energy Information Administration (EIA) points out a decline in domestic inventories of crude oil by 1.47 million barrels, reaching 374.47 million barrels by end of last week.