Shafaq News/ On Tuesday, Basrah crude oil dropped, with the decline in global oil prices.

Basrah Heavy fell by $1.27 to $ 68.30 per barrel, while Basrah Medium decreased by $1.27 reaching $71.45 per barrel.

The decline follows a 2% gain in oil prices during the previous session. Renewed US diplomatic efforts to secure a ceasefire in the Middle East, coupled with continued weak demand from China, the world’s largest oil importer, have applied pressure on the market, reversing earlier gains.

By 03:50 GMT Brent crude futures fell 19 cents, or 0.3%, at $74.1 a barrel. US West Texas Intermediate crude futures were 18 cents lower at $70.43 a barrel.