Mubasher: Kuwait crude oil rose by $0.26, to close at $67.2 per barrel (pb) on Tuesday, compared with $66.94 pb in Monday’s settlement, the Kuwait Petroleum Corporation (KPC) said.

Globally, oil prices surged by more than 1%, hitting a three-month peak, amidst the developments on trade ties between the US and China, and ahead of the weekly report on crude inventories in the US.

Hopes of a thaw in the trade tensions between the world’s two biggest economies, and the consequent possibility of economic recovery have lent support to crude demand.

Global benchmark Brent crude futures settled on Tuesday $0.76 higher at $66.1 pb, while US Nymex futures climbed by $0.73 to $60.94 pb.