KUWAIT, Sept 21 (KUNA) -- Price of the Kuwaiti crude retreated USD 1.14 in Tuesday's trading to stabilize at USD 105.70 per barrel, compared to USD 106.
84 per barrel in Monday's trading, Kuwait Petroleum Corporation (KPC) said on Wednesday.
The crude oil prices fell for the second consecutive after the announcement of Standards Poor's (SP) company on reducing the credit rating of Italy, which enhanced the possibility of a drop on the oil demand in Europe, regarding that Italy is the third strongest economy in Europe.
This may affect the capability of the European Union (EU) in facing the sovereign debt crisis, besides raising the unemployment level in the United States, which would affect the crude oil demand in general.
The deteriorating international economy caused a hike in the USD, considered the safe haven is such an global economic tension, which pushed the investors to get rid of currencies and assets of high risk.
Organization of Petroleum Exporting Countries (OPEC) announced a drop in the price of its basket of crudes, on Monday, by USD 1.1, to stabilize at USD 108,68 pb after reaching USD 110.69 pb by last Friday.
Kuwaiti crude is one in a basket of 12 crudes produced by OPEC members, along with Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE), and Merey (Venezuela).(end) mam.ysa.lb KUNA 211357 Sep 11NNNN
