Kuwait crude price down 74 cents to $104.70

Kuwaiti crude oil price was down 74 cents to USD 104.70 pb on Monday compared to USD 105.33 pb last Friday, Kuwait Petroleum Corporation (KPC) said on Tuesday. In parallel, the agreement reached between the United States and Russia on a draft resolution in the UN Security Council aimed to get rid of Syria's chemical weapons has cast shadow over oil prices in the global markets which have also been affected by the initiation of talks between the United States and Iran over Tehran's nuclear program. In the international oil market, price for benchmark BRENT crude was fluctuating throughout the day with contracts for November delivery to finally settle at USD 108.63 pb. As for NYMEX trading, US crude contracts for November delivery slipped 16 cents to USD 102.87 pb.