The price of Kuwaiti oil went down by 20 cents to USD 50.88 per barrel Wednesday after being at USD 51.08 pb the day before, said Kuwait Petroleum Corporation (KPC) Thursday.
The situation did not fare any better on the global scale with the price going down due to the strong exchange rate of the US Dollar as well as American producers' intentions to increase production contrary to OPEC's decision to lower its output this year.
The price of the Brent Crude went down by USD 1.55 to settle at USD 53.92 per barrel, the same case with the American crude which went down by USD 1.40 to settle at USD 51.08 pb.