Mubasher: The price of Kuwait’s crude oil increased by $1.13 to settle at $62.16 per barrel (pb) on Wednesday compared to $61.03 pb on Tuesday, according to the latest data by the Kuwait Petroleum Corporation (KPC).

Early Wednesday, the KPC announced that operations at Mina Abdullah Refinery were suspended, and expected the refining capacity to resume within hours.

At the global level, oil prices declined late Wednesday when Nymex crude -July futures- retreated 0.3% at $53.76 pb and Brent crude -August futures- edged down 0.5% to $61.81 pb.