Mubasher: The price of Kuwait’s crude oil settled higher by 89 cents on Tuesday to reach $33.9 per barrel (pb) when compared to $33.01 pb a day earlier, according to the official prices of the Kuwait Petroleum Corporation (KPC).

Global oil prices climbed by around 4% amid expectations that major producers will agree on extending the historical output cuts.

Furthermore, a recent report indicated that Russia’s output in May became very close to OPEC+ output target, having fallen to 9.39 million barrels per day.

Brent futures were up by $1.25 or 3.3% to settle at $39.57 pb, whilst the US West Texas Intermediate (WTI) futures increased by $1.37 or 3.9%, reaching $36.81 pb.