The price of Kuwait crude oil per barrel went down by USD 0.22 to stand at USD 81.23 pb on Monday compared to USD 81.33 three days ago, said Kuwait Petroleum Corporation (KPC) here on Tuesday.
Crude prices dropped after Goldman Sachs Group Inc. released a grim forecast that argued prices have further to fall and wonآ’t recover until some US unconventional oil producers are squeezed out of the market.
Meanwhile, Iranian oil ministry announced that OPEC is unlikely to lower its oil production ceiling when the group meets on November 27.
West Texas Intermediate (WTI) crude for the delivery of December was traded at USD 80.95 pb while the Brent crude delivery for the same month traded at USD 85.59 pb.