Mubasher: The price of Kuwait’s crude oil increased by 46 cents to settle at $49.49 per barrel (pb) on Tuesday compared to $49.03 pb on Monday, according to the latest data issued by the Kuwait Petroleum Corporation (KPC).

The American Petroleum Institute (API) has expected US oil inventories to shrink last week, in line with a rise in the gasoline stock.

The Energy Information Administration (EIA) is projected to disclose the official data regarding the US oil reserves for the past week on Wednesday.