Mubasher: The price of Kuwait’s crude oil inched up $0.05 to settle at $59.05 per barrel on Thursday, compared to $59 pb the day before, according to the Kuwait News Agency (KUNA).

Brent crude futures rose by $0.78 to hit $59.1 pb, while Nymex WTI grew by $0.96 to reach $53.55 pb.

Oil output from member states of the Organization of the Petroleum Exporting Countries (OPEC) fell last September, led by supply shortage from Saudi Arabia.

The 14-member group’s crude production averaged 28.491 million barrels per day (bpd), dropping by 1.318 bpd, the producer club said in its closely watched monthly oil market report (OMR), which is based on independent sources.