KUWAIT-- The price of Kuwaiti oil dropped by USD 3.24, settling at USD 74.64 per barrel on Wednesday, compared with USD 77.88 pb on Tuesday, said Kuwait Petroleum Corporation (KPC) on Thursday.

On a global scale, Brent crude futures' went down USD 1.05 to USD 72.70 pb, and West Texas Intermediate crude dropped by USD 1.14, settling at USD 69.20 pb.

In China - the world's largest oil consumer - data released on Monday revealed that new export orders dropped for the first time in eight months in July, while new homes prices in August increased at their slowest pace this year.

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