The price of Kuwait Export Crude (KEC) fell about $5, from $108.2 per barrel (bbl) at the start of July to $103.4 per bbl at the end of the month, said a report.
The National Bank of Kuwait report noted that the oil prices retreat
Brent slipped below $102 a barrel on Thursday, near a 14-month low hit earlier this week, as concerns over excess oil supply and slowing demand weighed on prices.
A survey on China's factory activity showed that growth in the
Brent crude fell below $103 a barrel on Monday as Libya increased its oil output and as worries over supply from key producer Iraq eased.
The drop came following a jump of more than $1 a barrel in benchmark prices on both sides of
Brent crude oil fell below $104 a barrel on Tuesday, its lowest level in nine months as steady supplies dispelled concerns over potential disruptions in producers such as Iraq and Libya.
The International Energy Agency (IEA) said
Opec trimmed its 2014 global oil demand growth forecast for a second consecutive month and said the group managed to increase output in July despite violence in Iraq and Libya, pointing to more comfortable global supplies.
In a mo
Brent crude oil rose by more than $1 towards $107 on Friday after the United States approved air strikes against Islamist militants in Iraq, raising concerns over the security of oil supplies from Opec's second largest producer.
Brent and US crude futures tumbled on Friday to the lowest settlement prices in months, as oversupply in the Atlantic basin and low demand outweighed worries over political tensions in the Middle East, North Africa and Ukraine.
Brent crude slipped towards $106 a barrel on Thursday and was set to post its biggest monthly loss in more than a year as higher Opec output and disappointing demand in the United States outweighed tensions in the Middle East and Africa.
Brent crude hit a nine-month high near $115 a barrel on Thursday on concerns heavy fighting in Iraq could limit oil supply from Opec's second-biggest producer.
Government forces battled Sunni militants for
US exploration and production companies are finding accumulations of crude and condensates twice as fast as they are producing them, according to statistics published this week.
Proved reserves of crude stood at 30.5 billion barre