Basra crude prices climb amid global oil market trends

Shafaq News/ Basra Heavy and Basra Medium crude oil prices increased on Thursday, with a rise of over one dollar attributed to the upward trajectory in international oil prices.

Basra Heavy crude prices surged by $1.25, marking a 1.51% increase to $83.83. Similarly, Basra Medium crude prices saw a rise of $1.15, signifying a 1.34% increase, bringing the price to $86.78.

However, the global oil market exhibited mixed dynamics. Oil prices slightly declined today following the revelation that China's manufacturing activity had contracted for the fifth consecutive month. Additionally, market participants exercised caution as they awaited the release of the U.S. personal consumption expenditure report, which was anticipated to provide insights into the outlook for interest rates.

As of 0630 GMT, Brent crude futures for October, set to expire on the same day, experienced a modest decrease of 9 cents, equivalent to a 0.1% drop, settling at $85.77 per barrel. The more actively traded November contract also dipped, shedding 10 cents, or 0.1%, to $85.14.

Meanwhile, U.S. West Texas Intermediate crude futures for October underwent a marginal decline of 6 cents, or 0.1%, reaching $81.57.