Kuwaiti crude oil dropped USD 1.14 to settle at USD 106.14 per barrel (pb) on Wednesday, compared to USD 107.28 pb the day before, the Kuwait Petroleum Corporation (KPC) said on Thursday.
An initial report by the American Petroleum Institute showed an increase in the US oil reserves which has negatively affected oil prices in world markets, according to KUNA, Kuwait’s news agency.
In addition, the US Energy Information Administration (EIA) weekly petroleum analysis showed an increase in the US commercial crude oil inventories by 2.7 million barrels during the week ending March 29th.
This increase caused oil prices to drop due to fears that oil demands from the world’s biggest oil consumer, the US, might decrease.
In the New York Mercantile Exchange (NYMEX), prices of the US crude oil for May delivery hit their highest at USD 96.66 pb and their lowest at USD 96.96 pb.