KUWAITI CRUDE PRICE DOWN USD 0.25 TO USD 49.19 PER BARREL

KUWAIT, Apr 1- Price of Kuwait’s crude oil fell USD 0.25 to USD 49.19 per barrel on Tuesday, compared with USD 49.44 pb on Monday, Kuwait Petroleum Corporation (KPC) said today (Wednesday).

On global markets, oil prices have fallen for the third consecutive session, against backdrop of the sensitive Iran-West nuclear talks, amid anticipations Tehran might be eventually allowed to increase its crude exports.

Iranian crude exports have reportedly fallen from more than 2.2 million barrels per day (bpd) in 2011, to about 1.3 million bpd, because of an oil embargo imposed by the United States and the European Union, in response to Tehran’s nuclear ambitions.

Meanwhile, Brent crudes lost USD 1.18, some 2.1 percent, settling at USD 55.11 pb, while the American crude concluded the latest session with a USD 1.08 decline, approximately 2.2 percent, settling at USD 47.6 pb.

SOURCE: KUNA