Mubasher: The price of Kuwait’s crude oil shrank by 37 cents to settle at $51 per barrel on Wednesday from $51.37 on Tuesday, according to the latest data issued by Kuwait Petroleum Corporation (KPC).

At the global level, the price of Brent crude oil decreased by $1.96 to reach $52.93 a barrel, and Nymex retreated by $1.97 to settle at $50.44 per barrel.