The price for Kuwaiti oil continued its downward spiral decreasing by USD 1.81 to settle at USD 57.32 per barrel Friday after being at USD 59.13 the day before, said a statement by Kuwait Petroleum Corporation (KPC) Saturday.
In the global market, the prices of oil went down to levels unprecedented since July of 2009. Brent oil went down by USD 1.83 to USD 61.85 per barrels due to fears that increasing supplies in the market were not met with sufficient demands.
The International Energy Agency (IEA) predicted that oil price will continued to dwindle due to increasing supplies from non-OPEC countries. Painting a bleaker picture, the IEA's prediction said that demand for oil will possibly continue to be low next year with indications that Russia and other states will decrease their fuel consumption.