Kuwaiti crude price drops $1, to $94.80 per barrel

The price of Kuwaiti crude oil dropped by one dollar on Thursday since a day ago, settling at USD 94.80 per barrel (pb) on Thursday, said Kuwait Petroleum Corporation. Concerns over a global economic recovery remained the main reason for pushing oil prices backwards, particularly in the wake of the release of Chinese Gross Domestic Product (GDP) data for the first quarter of the year, which showed a decline that exceeded expectations as the increase in oil prices during the years of the global financial crisis was pushed primarily by increase in demand by emerging economies, led by China. In contrast, the International Monetary Fund (IMF) decreased its expectations towards the growth of the global economy, causing an additional factor for pushing oil prices downward into these new record levels, at a time where "disparate" financial outcomes for U.S. companies began to flow.