Mubasher: The price of Kuwait’s crude oil increased by 77 cents on Monday to settle at $64.73 per barrel (pb) from $63.96 pb on Friday, according to the latest data by Kuwait Petroleum Corporation (KPC).

At the global level, Brent futures closed Monday lower by 50 cents at $62.8 pb, while West Texas Intermediate (WTI) futures gained 12 cents to reach $57.6 pb.

On Monday, the US Energy Information Administration (EIA) reported that crude oil output from seven major US shale plays is forecast to climb by 49,000 barrels a day in December to 9.133 million barrels a day.