Kuwait Oil Price Drops by $1.33, Settling at $76.49 Per Barrel

The Kuwait Petroleum Corporation announced on Thursday that Kuwait crude oil prices dropped $1.33 to settle at $76.49 per barrel on Wednesday. Energy market uncertainty caused the barrel price to drop $1.33 from $77.82 the day before.

The market saw costs drop across all oil industries not only in Kuwait but worldwide as well. The global benchmark oil Brent crude lost 49 cents to reach $72.53 per barrel. WTI crude oil for the United States lost 31 cents and settled at $68.62 a barrel.

Market experts explain the oil price decreases because investors worry about weak world economic growth and uncertainty about future energy consumption while political conflicts in oil regions remain. Oil-exporting countries must adjust their economic approaches to tackle market unpredictability as evidenced by the latest price shifts.