Mubasher: The price of Kuwait's crude oil increased by 29 cents to settle at $21.54 per barrel (pb) on Tuesday, compared to $21.25 on Monday, 11 May, according to the latest data by the Kuwait Petroleum Corporation (KPC).

At a global level, the price of crude oil rose by around 7%, driven by Saudi Arabia's commitment to lower crude oil production in June to reduce oversupply.

Saudi Arabia recently reiterated its commitment to reduce oil output by an additional one million barrels per day (bpd) to about 7.5 million bpd in June,.

Meanwhile, the UAE and Kuwait have pledged to further cut oil supplies by about 180,000 bpd.

US West Texas Intermediate (WTI) crude for June delivery rose on Tuesday by $1.64 or 6.8% to settle at $25.78 pb. 

Brent crude futures climbed 35 cents, or 1.2%, to stand at $29.98 a barrel.