The price of Kuwaiti oil dropped on Monday by 62 cents to USD 46.74 per barrel against USD 47.36 pb the previous day, said Kuwait Petroleum Corporation (KPC) on Tuesday.

    At the global level, the oil price settled at a low level, on Monday, due to jitters emanating from oversupply, despite forecast fall of the US shale oil production, (KUNA) news agency reported.

    The price of the Brent crude went down by 43 cents, settling at USD 51.16 per barrel. The West Texas crude oil lost 41 cents, settling at USD 49.94 pb.