The price of the Kuwaiti oil dropped by 3 cents to settle at US$48.27 per barrel (pb) Wednesday compared with US$48.30 pb last Tuesday, said Kuwait Petroleum Corporation Thursday.

According to Kuwait News Agency, the price of the West Texas Intermediate's future contracts for September delivery went up by 77 cents to reach $48.41 per barrel, the same case for the Brent crude's future contracts for October delivery, which rose 70 cents to reach $52.57 pb.