Mubasher: The price of Kuwait’s crude oil decreased by 98 cents to settle at $62.49 per barrel (pb) on Wednesday compared to $63.47 pb on Tuesday, according to the latest data by the Kuwait Petroleum Corporation (KPC).

Globally, oil prices declined in line with the impact of the U.S. data on oil inventories.

On Wednesday, the U.S. Energy Information Administration (EIA) disclosed that oil production increased to 10.283 million barrels per day (bpd) in the week ended on 23 February.