Kuwaiti crude oil falls to $106.96 amid global market decline

Kuwaiti oil prices recorded a notable decline in trading on Tuesday, influenced by the downturn that hit global oil markets, coinciding with a drop in futures contracts for the main crude benchmarks, Brent and West Texas Intermediate. The Kuwait Petroleum Corporation announced in an official statement that the price of a barrel of Kuwaiti oil fell by $2.34 to reach $106.96, compared to $109.30 in trading on Monday. Globally, selling pressures were reflected in international energy stock exchanges; Brent crude futures dropped by $1.09 to settle at $99.25 per barrel, breaking the psychological $100 barrier. In the same context, US West Texas Intermediate crude futures fell by 79 cents, closing at $94.99 per barrel.