KUWAIT, 18th October, 2016 (WAM) — The price of Kuwaiti oil dropped on Monday by 62 cents to US$46.74 per barrel against US$ 47.36 pb the previous day, the Kuwait Petroleum Corporation said on Tuesday.

According to Kuwait News Agency, KUNA, at the global level, the oil price settled at a low level on Monday, due to jitters emanating from oversupply, despite a forecast fall in US shale oil production.