Mubasher: Kuwait’s crude oil price retreated by $2.18 on Wednesday to reach $54.40 per barrel (pb) from $56.58 pb a day earlier, according to official prices of Kuwait Petroleum Corporation (KPC).

Global oil prices also slid amid fears over a slowdown in crude demand due to the spread of the novel coronavirus (COVID-19).

Meanwhile, US Nymex crude futures for April delivery fell by 2.3% to their lowest level since January at $48.73 pb, while Brent futures dropped by 2.9% to $53.33 pb.