Mubasher: The price of Kuwait’s crude oil increased by 91 cents to settle at $71.91 on Wednesday, up from $71 in the previous day, according to the Kuwait Petroleum Corporation’s (KPC) recent data.
At the global level, oil prices edged up on Thursday, driven by the suspension of Saudi Arabia’s crude shipments in a main lane in the Red Sea and a drop in US inventories to a three-and-a-half-year low.
Saudi Arabia, the world's largest oil exporter, suspended oil shipments through Bab Al-Mandab Strait after Iran-aligned Houthi movement attacked two Saudi carriers in the Red Sea.
On Wednesday, the US Energy Information Administration (EIA) said the country’s crude inventories dropped last week by 6.1 million to 404.9 million barrels, hitting their lowest level since February 2015.
