Kuwaiti crude price slips to settle at $101.35 pb

Kuwait Petroleum Corporation (KPC) said on Thursday that the price of Kuwait's crude oil slipped USD 0.21 in Wednesday's trading to settle at USD 101.35 per barrel (pb) compared to USD 101.56 the day before. The drop in global oil prices came after the US Department of Energy issued its weekly report Wednesday. The report showed an increase in the US oil reserve by 230,000 oil barrels, the highest rise since 1982. China's economy, meanwhile, showed a hike of 3.7 percent of the country's oil imports during the month of April. On New York Mercantile Exchange (NYMEX), light-sweet crude futures for delivery in June traded the highest at USD 96.53 a barrel and the lowest at USD 95.23 a barrel.