Price of Kuwaiti oil barrel drops $2 to $103.78

The price of Kuwaiti oil barrel dropped USD two reaching USD 103.78 per barrel on Friday, compared to USD 105.78 per barrel on Thursday, said Kuwait Petroleum Corporation (KPC) on Saturday. Oil prices dropped in international markets yesterday after reports showed increase, higher than forecast, in distilled oil crude reserves. US oil crude prices dropped more than USD two, where the distilled oil crude reserves increased to five billion barrels, the highest record in over two months, with a low demand on fuel. Resuming oil exports from Libya also had an effect on drop of prices, the fourth in a row. Experts said the prices fall is also due to tax policies encouraging companies to reduce oil crude reserves by the end of year. Prices of forward Brent oil crude contracts dropped 89 cents yesterday reaching USD 106.89 per barrel, while the US oil crude dropped by USD 1.48 reaching USD 93.96 per barrel.