Mubasher: The price of the Kuwaiti crude oil fell to $59.2 per barrel (pb) on Wednesday, 88 cents lower than $60.08 pb on Tuesday, according to the Kuwait Petroleum Corporation’s (KPC) official prices.

Globally, oil losses depended by more than 4.5% by the end of Wednesday’s sessions after the US inventories’ data was disclosed.

Unlike expectations, the US oil inventories rose by 2.4 million barrels during the last week, the US Energy Information Administration (EIA) announced.

During the last week, the US oil output rose by around 100,000 barrels per day to total 12.300 million barrels.

Noteworthy, the drop in oil prices parallels with worries over a slowdown in demand due to the escalating trade dispute after the US President has imposed new tariffs on $300 billion worth of Chinese goods starting 1 September 2019.