Shafaq News/ The cost of Basra's crude oil underwent a marked decrease on Wednesday following downward tred in global oil prices.

Heavy Basra crude saw a $2.06, or 2.64%, decline today, settling at $75.98 per barrel. Similarly, the price for Intermediate Basra crude fell by $2.06, or 2.54%, closing at $79.03 per barrel.

Basra crude prices are linked to the central benchmark crudes - Brent, US crude, Dubai, and Oman. Iraqi crude is sold to Asia based on the Dubai and Oman crude pricing, to Europe in accordance with Brent pricing, and to the United States as per the American crude price metrics.