Mubasher: The price of Kuwait's crude oil decreased by 60 cents to $60.01 per barrel (pb) on Wednesday, compared to $60.61 pb a day earlier, according to the official prices by Kuwait Petroleum Corporation (KPC).

Globally, oil prices edged higher by 1%, as OPEC hints at output cuts and ahead of the announcement of the US initial inventory data.   

OPEC, in cooperation with Russia, currently reduces oil output by 1.2 million barrels per day to boost oil prices.