Kuwaiti crude price drops $1.10 to reach $87.25 per barrel

The price of Kuwaiti crude oil slid down in yesterday's transactions by a whopping USD 1.10, settling eventually at the level of USD 87.25 per barrel compared to USD 88.35 the day before, said Kuwait Petroleum Corporation (KPC) on Thursday.
Crude price shrinkage was attributed to reemerging fears regarding the status of the world economy, in view of the recent IMF projection that there will be reduced economic growth worldwide this year, perhaps no more than 3.3 percent.
The oil price drop is happening at a time when the oil markets await information from the US Energy Agency on the US crude oil inventories which are expected to be higher than previously thought.
The Agency had forecasted earlier that US oil production would reach 9.5 million barrels a day for the year 2015 at a time when OPEC is forecasting a reduction in its production levels which would lead to weaker demand for crude oil in the international markets.
Price of US crude futures for November delivery registered its lowest level since April 2013 reaching only USD 87.46 per barrel in yesterday's transactions.