Basra crudes experience marginal increase amid global surge
2023-06-28T09:51:21+00:00
Shafaq News / Basra crude oil prices saw a slight uptick, coinciding with a global surge in prices. The heavy Basra crude climbed by 12 cents, or 0.17%, reaching $71.67 per barrel, while the intermediate Basra crude rose by 12 cents, or 0.16%, reaching $74.82 per barrel.
Today, oil prices rallied due to the decline in US crude and gasoline inventories, the largest consumer of oil worldwide.
The Basra crude prices are influenced by benchmark crudes such as Brent, WTI, Dubai, and Oman. Crude oil sold to Asia is priced based on Dubai and Oman rates, while Europe purchases it according to Brent prices. Similarly, the United States acquires crude oil based on American benchmark prices.
