KUWAIT, 12th January, 2016 (WAM) — The price of Kuwaiti oil went down by US$1.27 Monday to settle at $24.06 per barrel after being at $25.33 last Friday, said a statement by Kuwait Petroleum Corporation, KPC, Tuesday.

According to Kuwait News Agency, KUNA, on the world market, the price of oil went down sharply with the forecast expecting the price to go further down due to the fumbling performance of the Chinese market. The price of Brent mix went down by US$2.00 to settle at US$31.55 pb.