Basra Crude prices rise amid global increase

Shafaq News / On Thursday, prices of Basra Heavy and Basra Intermediate Crude oil experienced a slight increase, tracking the global surge in oil prices. Basra Heavy Crude prices rose by a modest five cents to reach $74.59, while Basra Intermediate Crude prices increased by $1.15, reaching $78.39.

Global oil prices saw an uptick following data that revealed a larger-than-expected decline in US crude inventories last week. Additionally, optimism for further stimulus measures and economic recovery was bolstered by the announcement from the People's Bank of China, which reduced the reserve requirement ratio for banks.