Mubasher: The price of Kuwait’s crude oil slipped by 29 cents on Wednesday to settle at $55.39 per barrel (pb) from $55.68 pb a day earlier, according to the official prices of the Kuwait Petroleum Corporation (KPC).

Global oil prices were higher by more than 2% by the end of Wednesday's trade, reversing five days of losses amid optimism over containing the coronavirus outbreak.

Additionally, the rise was supported by the news that OPEC and its allies are mulling additional output cuts to counter a potential decline in global demand.     

Brent futures went up by $1.32 or 2.5% to $56.46 pb, while the US West Texas Intermediate crude went up by $1.14 or 2.3% to $50.75 pb.