Basra's crude surge on Thursday
2022-08-18T12:01:03+00:00
Shafaq News/ Oil prices rose on Thursday as robust U.S. fuel consumption data and expected falls in Russian supply later in the year offset concerns that a possible recession in developed economies could undercut demand.
Brent crude futures climbed $1.27, or 1.4%, to $94.92 a barrel by 1117 GMT. U.S. crude futures gained 93 cents, or 1.1%, to $89.04 a barrel.
Basra's heavy and intermediate crude sold to Asian market gained 89.13$ to $97.98 and 93.23, respectively.
Bans by the European Union on Russian exports could dramatically tighten supply when curbs to seaborne crude and products imports into the bloc ramp up in the coming months and drive up prices, analysts warn.
