Kuwait crude oil price down

Price of Kuwait crude oil went down in Wednesday's transactions by USD 1.27 to settle at USD 106.86 pb, compared to USD 108.13 pb on Tuesday, Kuwait Petroleum Corporation (KPC) said on Thursday. The decline in global oil prices comes amidst the release of the US Federal Reserve's Beige Book, which indicated yesterday that according to reports from contacts in the twelve Federal Reserve Districts, economic activity "expanded at a measured pace in recent weeks," stressing that "contacts in a number of Districts expressed concern and uncertainty about the federal budget, especially the fiscal cliff".