Mubasher: The price of Kuwait’s crude oil increased by $1.18 to settle at $76.44 per barrel (pb) on Wednesday compared to $75.26 pb on Tuesday, according to the latest data by the Kuwait Petroleum Corporation (KPC).

At the global level, oil prices rose on Wednesday as Nymex reached above $71 pb, the highest level in more than two months. This followed the US data disclosed regarding crude oil inventories.

The US Energy Information Administration (EIA) announced that oil stocks continued to decline for the fifth consecutive week, reaching 2.1 million barrels.