Mubasher: The price of Kuwait’s crude oil increased by 12 cents to settle at $60.47 per barrel (pb) on Monday compared to $60.35 pb on Friday, according to the latest data issued by the Kuwait Petroleum Corporation (KPC).

At the global level, oil prices closed Monday in decline, with Nymex crude oil registering a slight decrease in line with the growth in US crude oil supply.

The Arab Strategy Forum’s report noted that the OPEC agreement for reducing oil production may be renewed in 2018.