Kuwait crude oil price down to $99.32 per barrel

Kuwait Petroleum Corporation (KPC) announced Wednesday that the price of Kuwait crude oil Tuesday was at USD 99.32 per barrel compared with USD 99.75 pb the day before. The global price of crude oil also witnessed a retreat due to the pressure posed by the US dollar which in turn had a positive effect on the US economy especially with the retail sales domain. Also China's low demand for crude oil at a time when OPEC is increasing oil production had its effect on the global price. Yesterday, contracts for crude oil at the New York Stock Exchange (NYSE) were traded at USD 95.15 per barrel as oppose to USD 95.70 during the opening of the session. The price reached its highest price at USD 95.74.