Basra crude oil climbs with the global rise in oil prices

Shafaq News/ On Monday, Basra crude oil prices surged slightly with the worldwide rise in oil prices.

Basra Heavy crude rose by 21 cents to $72.61, while Basra Intermediate fell by 21 cents to $75.36.

Today, global oil prices edged higher. U.S. initiatives to replenish strategic reserves offered support, though concerns about crude oversupply and softer fuel demand growth in the coming year persisted.

Brent crude futures increased by 0.6% or 48 cents to reach $76.32 a barrel by 0406 GMT, while U.S. West Texas Intermediate crude futures rose to $71.61 a barrel, up 0.5% or 38 cents.

Both contracts witnessed over 2% jumps on Friday but recorded their seventh consecutive week of declines, marking their longest streak since 2018, due to lingering oversupply concerns.