Kuwaiti crude oil down 27 cents to $103.69 per barrel

The price of Kuwait crude oil was down 27 cents on Wednesday to USD 103.69 per barrel, compared to USD 103.96 the day before, Kuwait Petroleum Corporation (KPC) said on Thursday. Prices of crude worldwide have reached its lowest level in two days against the backdrop of some technical indicators and the expectations that the recent rise in prices may be illogical, which are not likely to go more up. The decline in oil prices came amid mixed economic data in both the US and Europe, which has reinforced fears on weak oil demand in the markets during the coming period, pushing the prices downward. The oil markets are expected to be affected by the upcoming remarks of the US Federal Reserve Chairman Ben Bernanke before the US Congress about the quantitative stimulus policies. Meanwhile, Brent crude futures for August delivery fell 24 cents to USD 105. 76 a barrel in the New York Mercantile Exchange (NYMEX) trading at a time when Brent crude for August delivery, which ended yesterday, rose by 31 cents to USD 109.40 pb.