Mubasher: The price of Kuwait’s crude oil increased by 22 cents to settle at $59.76 per barrel (pb) on Wednesday compared to $59.54 pb on Tuesday, according to the latest data issued by the Kuwait Petroleum Corporation (KPC).

Globally, oil prices decreased in line with the rise in fuel reserves, with Nymex crude oil falling to the lowest level of $52 pb in the past three weeks.

A surge in fuel inventories was witnessed in the week ended on 1 December, reaching 6.8 million barrels in a week.