Mubasher: The price of Kuwait’s crude oil increased by 59 cents on Tuesday to reach $68 per barrel (pb), compared to $67.41 pb on Monday, 23 December, according to the latest data by the Kuwait Petroleum Corporation (KPC).

At the global level, oil prices increased by 1% on Tuesday in thin pre-Christmas trading.

Crude oil has benefitted from expectations of a decline in the US oil inventories for the second week in a row.

These inventories are set to be announced on Friday, 27 December, instead of its regularly scheduled on Wednesday, due to Christmas holiday.

Brent crude was up 81 cents at $67.2 pb, while the US West Texas Intermediate rose by 59 cents to settle at $61.11 a barrel.