Shafaq News / The prices of Basra crude experienced a decline of over 2% on Thursday, following the global decrease in oil prices.

Heavy Basra crude dropped by $1.72, equivalent to a significant 2.40%, settling at $69.95. Meanwhile, the prices of intermediate Basra crude witnessed a rise of $1.72 or 2.30%, reaching $73.10.

This decline in oil prices today is attributed to concerns over potential interest rate hikes in the United States and Europe, which are expected to dampen growth and subsequently reduce the demand for oil.