Mubasher: The price of Kuwait’s crude oil increased by 52 cents to settle at $61.37 per barrel (pb) on Tuesday compared to $60.85 pb on Monday, according to the latest data by the Kuwait Petroleum Corporation (KPC).

At the global level, oil prices narrowed their gains by the end of Tuesday in line with a slight rise of Nymex crude oil following the expectations for the U.S. crude supply to increase.

The Energy Information Administration (EIA) expected the U.S. crude oil production to reach 10.7 million barrels per day in 2018.

The EIA has downgraded its outlook for Brent and Nymex crude oil to $62.13 pb and $58.17 pb, respectively in 2018.