Mubasher: Kuwait’s crude oil price jumped by $1.17 on Tuesday to settle at $53.1 per barrel (pb), compared to $51.93 pb on Monday, according to official prices of the Kuwait Petroleum Corporation (KPC).

On the global level, crude prices narrowed its gains yesterday after the US Federal Reserve decided to cut interest rates by 50 basis points (bps) to a target range of 1% to 1.25%, amidst concerns regarding the new coronavirus (COVID-19) and its potential negative impact on economic growth.

Meanwhile, Brent crude rose by $1.36 or 2.6% to $53.26 pb, while the US West Texas Intermediate (WTI) climbed by $1.48 or 3.2% to $47.46 pb.