Kuwaiti crude price drops $1.69 to $108.73 per barrel

The price of Kuwaiti crude dropped USD 1.69 settling at USD 108.73 per barrel (pb) on Tuesday, compared to USD 110.42 pb a day pior, said Kuwait Petroleum Corporation on Wednesday. The prices of crude futures dropped in international markets by more than USD 2.00 pb on Tuesday, after Syria accepted Russia's diplomatic initiative to abandon its chemical stockpile, a matter that limited the possibility of a military attack by the West on Syria, and has lowered tensions that evoked due to the expectations of the attack. The position of Western countries towards the Syrian acceptance of the Russian initiative has also contributed to the decline of the oil prices. On the London Stock Exchange, Brent crude registered its largest losses during two consecutive days since June, by shedding four percent during the last two sessions, forming a major loss of more than six dollars since August 28. Brent futures for October delivery dropped USD 2.47 to reach USD 111.25 per barrel. On the New York Mercantile Exchange (NYMEX), US crude went down by USD 2.13 to stand at USD 107.39 pb, with a loss of around five dollars since it hit its highest levels in the last 28 months of USD 112.24 pb late last month.