Kuwait crude oil price down to $76.76 per barrel

Price of Kuwait crude oil per barrel went down by USD 1.94, standing at USD 76.76 pb on Tuesday compared to USD 78.70 on Monday, said Kuwait Petroleum Corporation (KPC) on Wednesday.
Oil prices continued to fall in the global market to reach the lowest level in three years against the backdrop of several economic factors, notably the high level of crude reserves held by the United States of America, the largest consumer of oil worldwide, and Saudi Arabia's decision to cut prices of crude oil exported to the United States, after rise of the Saudi output to the highest level since 30 years ago.