KUWAIT, -- The price of Kuwaiti oil was down by 38 cents to US$52.62 per barrel on Tuesday after being at US$53 pb the day before, said Kuwait Petroleum Corporation, KPC, on Wednesday.

According to Kuwait News Agency, KUNA, at the global level, the price went down in anticipation of the publication of the American crude's weekly report. Last week, data showed that US oil reserves reached records high, spreading fears of a surplus at the international markets.

The Brent crude price for May delivery was down by 57 cents to settle at US$55.85 per barrel, the same case with contracts for West Texas Intermediate for April delivery, which went down by 54 cents, to US$53.48 pb.

Source: Emirates News Agency