Mubasher: The price of the Kuwaiti oil inched up by 76 cents to settle at $62.21 per barrel (pb) on Tuesday from $61.45 pb on Monday, according to the official prices published by the Kuwait Petroleum Corporation (KPC).
Globally, oil prices rose during Wednesday’s transactions, amid estimates of a steep drop in the US inventories, and before the OPEC’s report is released. Earlier on Wednesday, Brent futures for November inched up by 0.6% to $62.79 a barrel.
The US Nymex futures for October edged up by 0.7% to $57.80 pb.
On Tuesday, the American Petroleum Institute’s (API) data showed a decline in oil inventories by 7.2 million barrels to 421.9 million barrels during the week ended 6 September 2016, compared with expectations for a decrease of 2.7 million barrels.
The Energy Information Administration (EIA) is scheduled to announce last week’s inventory data and output later on Wednesday.
