KN:Kuwait oil price down 1.66, settles at USD 106.84 pb
KUWAIT, Sept 20 (KUNA) -- Price of the Kuwaiti crude oil went down USD 1.66 on Monday to settle at USD 106.84 per barrel (pb), compared to USD 108.50 pb on Friday, Kuwait Petroleum Corporation (KPC) said in a statement Tuesday.
The decline in price came as a result of the European debt crisis building up, whereas confidence level in European markets tearing down due to the ever-haunting financial problem in Greece.
Another factor of the downtrend is the current high exchange rate of the US dollar against major currencies due to investors' appetite for safe-haven currencies amidst Europe's sovereign debt crisis. (end) mam.hb KUNA 201141 Sep 11NNNN
