Price of Kuwaiti crude oil dropped USD 0.4 in Monday's trading to reach USD 106,85 per barrel, compared to USD 106,89 pb in last Friday's trading, Kuwait Petroleum Corporation said in a statement on Tuesday.
The retreat of the crude oil prices since the beginning of this week was due to wide-spread fears, fuelled by Europe's sovereign debt crisis.
This comes following Moody's credit ratings agency' warning of possibility of reducing the credit rating of sovereign debt in European countries, which spread concerns among investors and forced them to buy low-yielding assets.
The USD hiked, reaching its highest levels since two weeks ago, partly as a result of investors' refrain from buying risky high-yielding assets, namely the crude oil.
Moreover, European Union (EU) leaders failed to agree on amendments of the EU's treaty, and this consensus led to an agreement on signing a new accord, intended to restore financial stability.
This new treaty will also contribute in regaining confidence in the Euro, following the European debt crisis that has caused panic concering future of Europe.
Crude oil prices are expected to remain bearish due to clear indicators about forecast slowdown of the international economy. (end) mam.ysa.lb KUNA 131222 Dec 11NNNN