The price of Kuwaiti oil went down by 29 cents to USD 52.98 per barrel Monday as oppose to Friday's USD 53.27 pb, said Kuwait Petroleum Corporation (KPC) Tuesday.

    Globally, the price also went down due to the abundancy of US supplies and speculations at international markets, two happenings that overwhelmed the decrease of production by OPEC, according to (KUNA) news agency.

    The price of the Brent crude went down by USD 1.09 to USD 55.72 per barrel, the same case with the West Texas Intermediate which decreased by 82 cents to USD 53.01 pb.