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Kuwait oil down 23 cents

Kuwait oil down 23 cents
Kuwait Crude Oil registered $52.71 per barrel on Friday - (Photo Credit: Arabaineye-Reuters)

Kuwait - Mubasher: The price of Kuwaiti oil barrel dropped 23 cents, Kuwait Petroleum Corporation (KPC) said Saturday.

Kuwait crude reached $52.71 per barrel (pb) on Friday compared to $52.94 last Thursday, Kuwait News Agency (KUNA) reported.

In international markets, oil prices dropped due to fears of an increase in US shale oil production, amidst an expansion of drilling operations for the sixth consecutive week, KUNA added.

Meanwhile, Brent crude oil lost 59 cents to reach $55.99 pb, while West Texas crude lost 46 cents reaching $53.99 pb.