Basra Heavy and Medium crude prices defy global trend, Rise 1%

Shafaq News/ On Wednesday, Basra Heavy and Medium crude oil prices climbed approximately 1%, in contrast to the concurrent decline in global oil prices.

Basra Heavy crude increased by 80 cents, equivalent to 0.95%, reaching $84.98 per barrel. Similarly, Basra Medium crude prices rose to 80 cents, reflecting a 0.91% surge and settling at $88.28 per barrel.

This divergence in crude oil prices occurs against a complex interplay between various market dynamics. While OPEC's supply reductions have contributed to supply constraints, the overall scenario is influenced by the subdued economic expansion in China, the world's second-largest oil consumer.