The price of Kuwaiti oil dropped by 12 cents to settle at US$48.68 per barrel Monday compared with $48.80 pb last Friday, said Kuwait Petroleum Corporation on Tuesday.

According to Kuwait News Agency, the price of the West Texas Intermediate's future contracts for September delivery went down by US$1.30 to reach $46.57 per barrel, the same case for the Brent crude's future contracts for October delivery, which went down 52 cents to reach $51.89 pb.