By Osama Jalal KUWAIT, May 20 (KUNA) -- Oil prices in international markets have been declining for several weeks now with the benchmark European crude dropping 35 cents last Friday to USD 107.14 per barrel. The barrel was sold with USD 119.

66 in the beginning of May.

Kuwait crude oil also dropped to USD 103.74 per barrel last Friday, losing USD 2.31 in a single day compared with USD 115.97 per barrel in early May.

Two Kuwaiti oil experts, in separate statements to KUNA, anticipated oil prices to continue dropping because of fears of global economic recession. They said the brent crude oil might, for example, range between USD 100-105 per barrel in the short-term.

They said Kuwait crude might hover between USD 95-100 per barrel. However, they added, it was hard that prices would skyrocket unless geopolitical factors contributed to that end, like Iranian nuclear file.

Mohammad Al-Shatti predicted oil prices to continue falling. He said economic crisis in Europe, namely in Greece, was affecting oil prices.

He said economic recession would affect oil demand thus prices.

Al-Shatti noted that oil supplies were enough and would exceed demand in near future if the economic crisis worsened.

The expert said the credit rating agencies' downgrading of some 16 banks in Spain and economic uncertainties in Greece affected oil prices, said Al-Shatti.

He noted that global oil demand projections dropped this year to between 800,000 and 900,000 barrels per day because of economic troubles around the world.

Al-Shatti also said that oil demand from China retreated last month.

Elaborating on geopolitical factors, Al-Shatti said the positive negotiations between Iran and the west coupled with diminishing fears of oil supplies' decline contributed to decreasing oil prices.

On OPEC's next meeting, due next month, Al-Shatti said member countries were generally wanting to have a barrel sold by USD 100. "This is the acceptable price and undoubtedly their decision will reach this objective." Al-Shatti, however, said it was hard to predict outcome of OPEC meeting.

Meanwhile, oil strategies expert Sheikh Fahad Dawood Al-Sabah said it was quite natural that oil prices drop because geopolitical factors that push prices to record levels faded away.

Speaking to KUNA, Al-Sabah anticipated Kuwait crude oil to average USD 100 per barrel, which might prompt OPEC to trim production to below 29 million barrels per day.

There are some factors that cannot be ignored vis-a-vis oil prices, he said, like high unemployment around the world, debt crisis in the eurozone and fears of economic recession in Europe.

The appreciation of the US Dollar largely contributed to lowering oil prices, he said, as oil was begged to the Greenback.