Kuwaiti crude price drops to $103.73 per barrel

Price of Kuwaiti crude oil dropped 60 cents settling at USD 103.73 per barrel (pb) on Friday compared to USD 104.40 pb in Thursday's trades, Kuwait Petroleum Corporation (KPC) said in a statement on Saturday. Meanwhile, prices of the crude oil on the international markets have not been stable, while the Brent crude fell. While traders forecast slowness in hike of reserves, prices of forward contracts for the American crude rose on Friday. The increase of the American crude and fall of the Brent narrowed the margin between the two main crudes, where the Brent came under pressures due to reports that the Scottish Grangemouth refinery would remain open -- thus the North Sea crude would continue flowing. Price of the American crude rose 74 cents upon settlement, reaching USD 97. 85 pb but ended the week with a three percent loss, the third incurred loss in a week. Meanwhile, prices of the forward deals of the Brent, for the December delivery, fell six cents reaching USD 106.93 pb, falling for the third consecutive day, also posting losses for the second week in a row.