Mubasher: The price of Kuwait’s crude oil declined by $1.4 to settle at $61.51 per barrel on Monday, compared to $62.91 pb on Friday, according to the latest data released by the Kuwait Petroleum Corporation (KPC).

Global oil prices declined on Tuesday, amid concerns over the slowdown of the global economy and the decline in demand on crude oil.

By 6:25 am GMT, December Brent crude futures declined by 1.8% to hit $60.78 pb, while December Nymex WTI grew by 1.8% to reach $54.44 pb.