Kuwaiti crude oil price went down Tuesday by USD 0.16 to settle at USD 51.66 pb as oppose to USD 51.50 pb Monday, said Kuwait Petroleum Corporation (KPC) Wednesday.
The global oil price went down Tuesday due to fears that oil supplies will surpass demands mid-year by 2/83 barrels.
The price of Brent mix contracts at the London stock exchange retreated by USD 1.91 to reach USD 56.43 per barrel.
Meanwhile, the US crude price for March delivery at New York Mercantile Exchange (NYMEX) went down by USD 2.84, settling at USD 50.05 per barrels.