Kuwait Oil Price Declines by USD 1.14 to USD 71.14 Per Barrel.

Kuwait City: The Kuwaiti oil price experienced a decline of USD 1.14, settling at USD 71.14 per barrel on Tuesday, as reported by the Kuwait Petroleum Corporation (KPC) on Wednesday. This marks a decrease from the previous day's price of USD 72.28 per barrel. According to Kuwait News Agency, the global oil market also saw a decrease in prices. Brent crude oil fell by 30 cents, bringing it to USD 71.12 per barrel, while West Texas Intermediate crude experienced a reduction of 17 cents, with a new price of USD 67.21 per barrel. The American Petroleum Institute (API) further reported a decline in crude oil inventories in the United States. For the week ending October 25, the inventories decreased by 573,000 barrels, reflecting ongoing fluctuations in the oil market.