Kuwaiti oil price drops by 57 cents

Price of the Kuwaiti crude oil went down 57 cents to USD 106.88 per barrel on Monday compared to USD 107.45 pb last Friday, Kuwait Petroleum Corporation (KPC) said in a statement on Tuesday. The price of Kuwaiti crude oil dropped despite rise in oil prices in the global markets after the completion of the pipelines' expansion project in the United States which would reduce U.S. stockpiles surplus, and give positive indication regarding about rise of prices of the future oil deals. The price of crude oil futures for February rose by 70 cents to USD 94.26 pb in trading New York Mercantile Exchange (NYMEX), and the price of Brent futures for February rose by 33 cents to USD 110.97 pb