Shafaq News- Basrah

Iraq’s Basrah crude advanced about 6% on Tuesday, amid a decline in global oil markets.

Basrah Heavy crude rose by $6.33, or 6.02%, to $111.43 per barrel, while Basrah Medium crude gained $6.33, or 5.91%, to settle at $113.53 per barrel.

Brent crude futures slipped 18 cents, or 0.16%, to $112.96. US West Texas Intermediate crude fell by 25 cents, or 0.24%, to $102.63.

Iraqi crude is priced by destination: Exports to Asia track the average of Dubai and Oman crude, shipments to Europe are benchmarked to Brent, and exports to the United States follow WTI, each with premiums or discounts based on market conditions.