Kuwait crude slips to US $104.95 per barrel

Price of Kuwaiti crude oil slipped 99 cents to reach USD 104.95 per barrel (pb) in trading Tuesday, down from USD 105.94 pb the day before, Kuwait Petroleum Corporation reported on Wednesday. In the international oil market, price for benchmark BRENT crude was fluctuating throughout the day with contracts for November delivery gaining 48 cents to finally settle at USD 108.64 pb. As for NYMEX trading, US crude contaracts for November delivery slipped 46 cents to USD 103.13 pb. The price margin between BRENT and US crude is increasing on the backdrop of lessening of the Iran-West tensions so that the crudes were traded with the margin wider than USD 5 pb. Alleviating fears had over the past few days brought down price of the BRENT crude, which is the most affected by concerns of disruption of international oil supply, and the margin between the prices of the two crudes was less than USD 3 last week.