Mubasher: The price of Kuwait’s crude oil hiked $1.45 to $59.64 per barrel (pb) on Wednesday, against $58.19 pb on Tuesday, according to the Kuwait Petroleum Corporation (KPC).

Globally, oil prices surged on Wednesday due to the decline in the US inventories.

The US crude oil stockpiles retreated by 2.7 million barrels in the week ended 11 January, official data by the Energy Information Administration (EIA) showed.

Meanwhile, US crude oil production levelled up 200,000 barrels per day (bpd) to reach a record 11.9 million bpd in the week ended 11 January.

The OPEC and its partners including Russia agreed to cut crude output by 1.2 million in a bid to rebalance prices.