Mubasher: The price of Kuwait crude oil increased by $1.59 to settle at $47.49 per barrel (pb) on Wednesday compared to $45.9 pb on Tuesday, according to official data issued by the Kuwait Petroleum Corporation (KPC).
At the global level, Nymex crude oil, September delivery, rose by 0.31% to reach $48.90 pm and Brent crude oil gained 0.33% to settle at $51.14 pb.
The US crude oil inventories shrank by more than 7 million barrels during last week, exceeding the analysts’ expectations.
