Mubasher: The price of Kuwait’s crude oil increased on Tuesday by 76 cents to settle at $60.61 per barrel (pb) from $59.85 per barrel (pb) last Monday, according to the official prices posted by the Kuwait Petroleum Corporation (KPC).

Globally, oil prices have risen by the end of Tuesday’s trading session, amid optimism over the international trade positions, and ahead of revealing the initial US inventories’ data.

On Monday 19 August, the US has approved to extend the grace period granted to Huawei, thus, allowing US companies to supply Huawei for a period of three months.

Meanwhile, stimulus hopes have backed the economy’s monetary policy; this should increase crude oil prices which will lead to higher demand.