Mubasher: The price of Kuwait’s crude oil went down 25 cents to $58.19 per barrel (pb) on Tuesday, against $58.44 pb on Monday, according to the Kuwait Petroleum Corporation (KPC).

Globally, oil prices jumped more than 3% on Tuesday, on the back of crude output cuts led by the Organization of Petroleum Exporting Countries (OPEC) and its allies.

The OPEC and its partners including Russia agreed to reduce crude output by a collective 1.2 million barrels per day (bpd) in an attempt to rebalance prices.

The American Petroleum Institute (API) is expected to release initial data about US oil inventories in the coming period and the US Department of Energy is scheduled to issue a report on the official data on Wednesday.