Mubasher: The price of Kuwait’s crude oil declined by $1.34 to settle at $69.68 per barrel (pb) on Wednesday compared to $71.02 pb on Tuesday, according to the latest data by the Kuwait Petroleum Corporation (KPC).

At the global level, oil prices registered the lowest decline in more than two months, with Nymex losing about 3% after the unexpected leap in crude oil inventories and the increase in the US crude production.

During the past week, oil stock inclined by 6.8 million barrels unlike the expectations of a decline by 2.6 million barrels.