The price of Kuwaiti crude oil increased by $0.09 to reach $52.90 per barrel on Wednesday’s trades, compared to $52.81 on Tuesday, said Kuwait Petroleum Corporation (KPC).

Brent prices dropped $3.55 or 6% to settle at $55.55 a barrel on Wednesday.

The price of the American crude oil retreated by $3.56 or 6.6% to stand at $50.42 per barrel.