Mubasher: The price of Kuwait’s crude oil fell by 17 cents to $52.08 per barrel (pb) on Thursday, 5 March, compared to $52.25 pb on Wednesday, the Kuwait Petroleum Corporation (KPC) said. 

Rising concerns over the spread of the new coronavirus (COVID-19) have weighed on the global oil prices as investors sell high-risk assets such as crude oil and stocks and resort to safe-havens, according to Kuwait News Agency (KUNA).

Brent crude oil fell by $1.4 or 2.2% to $49.99 a barrel although the OPEC countries agreed on Thursday to cut an additional 1.5 million barrels per day (bpd) until 30 June 2020.