Mubasher: The price of Kuwait’s crude oil decreased by $1.61 to settle at $73.69 per barrel (pb) on Wednesday compared to $75.3 pb on Tuesday, according to the latest data by the Kuwait Petroleum Corporation (KPC).

At the global level, oil prices shrank on Wednesday, as Nymex crude oil declined by 5% to register its lowest level in two weeks.

The OPEC’s monthly report showed an increase of nearly 173,400 barrels per day (bpd) in production by the OPEC members, with a total of 32.327 bpd.

On Wednesday, the Energy Information Administration (EIA) reported a huge draw of 12.6 million barrels in crude oil inventories for the week to July 6, after a build of 1.2 million bpd reported for the previous week.