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The price of Kuwaiti crude oil went up 2.01 US dollars to trade for $96.57 per barrel (pb) compared to Monday's $94.57 pb. The increase of prices is due to EU decision to loan Spain $125 billion to salvage their banks.
Meanwhile, crude oil futures fell below $98 a barrel on Yesterday, extending losses due to fears that the euro zone debt crisis will worsen and hurt the global economy, threatening growth in oil demand. Optimism over a bailout for Spain's troubled banks faded because of concerns about the package's impact on public debt, while uncertainty surrounding elections in Greece on Sunday compounded worries the financial crisis in Europe will deepen. European shares turned negative on Tuesday and the euro was flat, little changed at $1.2504. Brent crude futures slipped 76 US cents to $97.33. Earlier in the session, prices fell as low as $96.62 a barrel, close to this year's low of $95.63 struck on June 4. US oil was down 52 cents at $82.18 a barrel after hitting a one-year low at $81.07. Crude futures had rallied more than two dollars on Monday on the news that euro zone finance ministers agreed to lend Spain up to $125 billion to tackle the problems of debt-stricken banks. But doubts about the deal emerged overnight, rekindling concerns that Madrid's financial woes would worsen.