Price of Kuwaiti crude oil dropped 0.31 US dollars per barrel on Tuesday reaching $95.54 pb, compared to $95.85 pb the day before, said Kuwait Petroleum Corporation (KPC) on Wednesday.
The drop in international oil prices comes after Norway ended a workers strike concerning retirement salaries, which started June 24, resulting in the decline in oil production in the eighth largest oil producing country in the world by 13 percent.
In addition, the decline of Chinese oil reserves in June affected the current international oil prices.
In more news, Kuwait raised the official selling price (OSP) for its crude sales to Asian buyers for August by 85 cents a barrel from the previous month to 70 cents a barrel above the average of Oman/Dubai quotes, trade sources said on Wednesday.
The July OSP was 15 cents below the Oman/Dubai average.
Kuwait's crude price formula is loosely linked to that of Saudi Arabia's Arab Medium grade.
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