Kuwaiti crude price down 93 cents to $101.80 per barrel

Price of Kuwaiti crude oil dipped 93 cents to USD 101.08 per barrel on Thursday compared to USD 102.73 pb the previous day, Kuwait Petroleum Corporation (KPC) said in a statement on Friday. Crude oil prices shot down at world markets on Thursday against the backdrop of US economic recovery reports and investors' concerns over the US Federal Reserve's incentive reduction decision. Earlier in the day, Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Abdallah Salem El-Badri said that he was very pleased with the current crude levels of supply and demand. In an exclusive interview for Kuwait News Agency (KUNA) on the sidelines of the 2013 OPEC World Oil Outlook's (WOO) release, Badri said that the current price of the 'black gold' in recent weeks, averaging from USD 103 to USD 107 per barrel, was reasonable for oil producers and consumers altogether.