Kuwaiti crude 35 cents down to USD 104.65 pb

The price of Kuwaiti crude dropped 35 cents to USD 104.65 a barrel yesterday, the state-run Kuwait Petroleum Corporation said on Friday. The drop was influenced by the apparent rise of the US dollar exchange rate, due to an influx of investors in the currency, seeking a safe haven amid turbulence in global markets, particularly Europe's Greek debt crisis. Other factors include the US Federal Reserve lowering of its economic growth expectations for the current year, from 3.1 and 3.3 pct to 2.7 and 2.9 pct, thus reflecting on oil prices in an inverse manner. The latest announcement by a number of non-OPEC countries, to release some of their reserves on sale in the market over the next 30 days, also triggered this small drop. The US could contribute to 50 pct of this endeavour, which would push prices down, if only for a short period.