Kuwait crude oil price drops to $107.42 per barrel

Kuwaiti oil price dropped 56 cents to settle at USD 107.42 per barrel (pb) on Monday, compared to USD 107.98 pb on Friday, Kuwait Petroleum Corporation (KPC) said on Tuesday. Meanwhile, Crude Oil Brent futures prices in international markets fell due to initial recovery signs in oil production in Libya, as well as fears of rising debts of local governments in China, the second-largest oil consumer in the world. In London, the Crude Oil Brent prices fell by USD 1.27 at London Stock Exchange, settling at USD 110.91 pb, whereas the American light crude dropped by USD 1.05, settling at USD 99.27 pb at New York Mercantile Exchange (NYMEX).