Mubasher: The price of Kuwait’s crude oil declined by 1% to settle at $59.73 per barrel on Wednesday, compared to $60.33 pb on Tuesday, according to the latest data released by the Kuwait Petroleum Corporation (KPC).

Global oil prices declined by 2% after the reveal of the US inventories in the week ended 27 September which jumped by 3.1 million barrels to 422.6 million barrels.

This came contrary to the findings of the industry-funded American Petroleum Institute's (API) weekly report which showed a drop of 5.9 million barrels.