Mubasher: The price of Kuwait’s crude oil rose by 75 cents on Wednesday to reach $60.19 per barrel (pb) from $59.44 pb on Tuesday, according to the prices shown by the Kuwait Petroleum Corporation (KPC).

On the global level, the prices of crude oil advanced by Wednesday’s settlement after a sharp retreat in the US crude inventories, however, the gains had been lowered in line with a strong increase in the US oil production.

Last week, the US oil reserves declined, unlike expectations, by 10 million barrels. Similarly, the US gasoline stock went down, the US Energy Information Administration (EIA) reported.

Moreover, the US oil production recorded the highest level ever during the previous week to stand at 12.5 million barrels from 12.3 million barrels in the week before.