Basra crude gains amid tight supply, China COVID-19 curbs

Shafaq News/ Iraq has raised the official selling price (OSP) for Basra Medium crude to Asia by $1.43, or 1.56%, to $93.01 a barrel.

The price tag of the heavy counterpart rose by $1.53, or 1.75%, to $89.22.

A stronger dollar makes dollar-denominated commodities more expensive for holders of other currencies and tends to weigh on oil and other risk assets.

The oil market is also being pressured by tightening COVID-19 curbs in China, the world's second-largest oil consumer.

Last week, the Organization of the Petroleum Exporting Countries and allies including Russia, together known as OPEC+, decided to cut their output target by 2 million barrels per day.

Tightening supply outlook after the OPEC+ announcement has now been largely shrugged off by the market, experts say.