Mubasher: The price of Kuwait’s crude oil declined by 52 cents to settle at $73.74 per barrel (pb) on Wednesday compared to $74.26 pb on Tuesday, according to the latest data by the Kuwait Petroleum Corporation.

At the global level, oil prices rose by more than 1% in line with the data on the US crude oil and worries over a shrink in crude supply.

The US Energy Information Administration (EIA) announced that oil inventories shrank by 2.6 million barrels during the week ended on 24 August.