Mubasher: The price of Kuwait’s crude oil decreased by $2.28 to settle at $62.34 per barrel (pb) on Wednesday compared to KWD 64.62 pb on Tuesday, according to the latest data by the Kuwait Petroleum Corporation (KPC).

At the global level, oil prices increased by nearly 2% in line with the data on the US crude inventories which declined by 1.1 million barrels for the third week in a row.

Meanwhile, the US oil production increased to 12.200 million barrels per day (bpd) last week from 12.100 million bpd.