The price for Kuwaiti oil went down Monday by 77 cents to settle at USD 42.11 per barrel (pb) after being at USD 42.88 pb last Friday, said Kuwait Petroleum Cooperation (KPC) Tuesday.

    Global markets also saw a drop in price, mainly on the backdrop of Iran's pledge to hike production, according to Kuwait News Agency (KUNA). The Brent mix price was down 37 cents to settle at USD 48.35 pb, while the American crude went down 33 cents, to settle at USD 48.08 pb.