Mubasher: The price of Kuwait’s crude oil increased by 69 cents to settle at $59.64 per barrel (pb) on Monday compared to $58.95 pb on Friday, according to the latest data by the Kuwait Petroleum Corporation (KPC).

At the global level, oil prices eliminated the gains previously achieved on Monday following the data disclosed regarding the OPEC production, in addition to awaiting the U.S. oil output.

The OPEC’s recent report showed that oil production decreased to 32.3 million barrels per day (bpd) in January, down by 8.1 million bpd in December 2017.