Mubasher: The price of Kuwait’s crude oil went down 45 cents to settle at $71.65 per barrel (pb) on Wednesday, compared to $72.10 pb on Tuesday, according to the latest data by the Kuwait Petroleum Corporation (KPC).

Globally, oil futures declined at Wednesday’s settlement on the back of higher US inventories.

Over the previous week, US oil output increased by 100,000 bpd, according to the Energy Information Administration’s (EIA) weekly report.