The price of Kuwait’s crude oil decreased by $1.55 to settle at $54.9 per barrel (pb) on Wednesday compared to $56.45 pb on Tuesday, according to the latest data by the Kuwait Petroleum Corporation (KPC).

At the global level, oil prices increased by more than 2% on Wednesday.

The US oil inventories shrank by 500,000 barrels for the third week in a row, with the US oil production reaching 11.6 million barrels, the second highest level, according to official data.

-Mubasher