KUWAIT, 25th February, 2016 (WAM) — The price of Kuwait oil went down 76 cents Wednesday to settle at US$ 25.95 per barrel as oppose to Tuesday’s price of US$ 26.71 pb, said Kuwait Petroleum Corporation, KPC, on Thursday.

According to Kuwait News Agency, the price of oil went up in the global market, on news that crude oil reserves were on a record hike due to the stumbling of UK production in the North Sea and the increase in demand for fuel in the US.