Kuwait crude price down to $107.38 per barrel
Kuwait - KUNA
Price of Kuwait crude oil lost USD 1.49 cents, dropping to USD 107.38 per barrel on Wednesday compared with USD 108.87 pb last Tuesday, Kuwait Petroleum Corporation (KPC) said on Friday. Increase in production of the OPEC member states and global fear over the United States upcoming financial policies contributed to the decline. Washington is bracing for a prolonged stand-off in the 'sequester' crisis as both parties, Republican and Democrat, neglect to seek out last-minute deal. The US sequester; general cut in government spending, is supposed to include major cuts on defense.
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