Mubasher: The price of Kuwait’s crude oil increased by 19 cents to settle at $72.16 per barrel (pb) on Wednesday compared to $71.97 pb on Tuesday, according to the latest data by the Kuwait Petroleum Corporation (KPC).

At the global level, oil prices declined on Wednesday with Nymex sliding 4% in line with the trade dispute between Washington and Beijing in addition to data on the US crude inventories and after China said on Wednesday that it would impose 25% tariff on US imports valued at $16 billion, including crude oil, diesel, cars, coal, and steel products.

The US crude production declined for the second week in a row to reach 10.8 million barrels per day.