Kuwait oil price down to $99.55 pb

Price of Kuwaiti crude oil dropped 52 cents reaching USD 99.55 per barrel (pb) on Wednesday compared to USD 100.07 pb on Tuesday, Kuwait Petroleum Corporation (KPC) said on Thursday. Meanwhile, in the western hemisphere, a report released by the US energy authorities showed increase of the American crude reserves by 2.5 million barrels, against backdrop of anticipations that the crude prices would drop due to the rise of the reserves. However, weak rating of the US dollar vis a vis other major currencies and instability in the Middle East, among other others factors, led to rise of the oil prices. Forward crude contracts for July posted highest rise in the New York market, yesterday, at USD 95.86-95.47 pb. The Brent crude contracts for July rose to USD 103.49 pb.