Mubasher: The price of Kuwait’s crude oil recorded $29.75 per barrel (pb) on Wednesday, down by $2.14 from $31.89 pb last Tuesday, according to the official prices released by Kuwait Petroleum Corporation (KPC).

At the global level, oil prices have fallen to their lowest level in 18 years, dipping by more than 24% amid fears over a global recession.

According to the Energy Information Administration (EIA), the US crude oil inventories for the past week rose below expectations, while the output soared to a record high.