By KUNA
Kuwait : Price of Kuwaiti crude oil dipped USD 1.21 to USD 84.27 per barrel in the end of last week’s trading compared to USD 85.48, the closing price of the week before.
Prices of the Kuwaiti oil fluctuated, last week, droping on Monday and Tuesday, then turned upwards before becoming bearish anew in trading on Friday (yesterday) and Thursday.
The Kuwaiti crude oil price recorded its highest level of USD 89.03 per barrel on November 26, 2007. It came close to this level, USD 89.01, last Friday.
World oil prices have recently skyrocketed in a gradual manner due to several factors, chiefly dwindling US oil reserves, drop of oil derivatives’ production, growing concern over looming oil supply shortage and mounting speculations in global oil markets and investment funds.
The rise in world oil prices is also ascribed to geopolitical factors, instability in several world regions, mainly the Middle East, and predictions of a high demand for oil in the first quarter of this year.