Mubasher: The price of Kuwait’s crude oil increased by 63 cents to settle at $71.45 per barrel (pb) on Wednesday compared to $70.82 pb on Tuesday, according to the latest data by the Kuwait Petroleum Corporation (KPC).
At the global level, oil prices increased on Wednesday following the data released on the US crude inventories and the anticipation for the OPEC meeting.
The U.S. Energy Information Administration (EIA) announced a decline of 5.9 million barrels in the US crude oil stock during the past week, while the oil production registered in the country totalled 10.9 million barrels per day (bpd).
