Mubasher: The price of Kuwait’s crude oil added $1.17 to settle at $61.63 per barrel (pb) on Tuesday compared to $60.46 pb on Monday, according to the latest data issued by the Kuwait Petroleum Corporation (KPC).

At the global level, oil prices declined by the end of Tuesday, after the U.S. Energy Information Administration (EIA) reduced its estimates of global demand for crude oil for 2018.

On Tuesday, the EIA decreased its estimates by 40,000 barrels per day (bpd) to reach 1.62 million bpd.