Mubasher: The price of Kuwait’s crude oil has exceeded the $50-level on Wednesday, according to the latest data issued by the Kuwait Petroleum Corporation (KPC).

The price of oil gained $1.38 to reach $50.75 per barrel (pb) on Wednesday compared to $49.37 pb on Tuesday.

At the global level, Nymex crude oil rose by 1% to settle at $49.16 pb, and Brent crude oil, November delivery, increased by 1.5% to $54.21 pb.