Basra's crudes fall about 1% on Thursday

Shafaq News/ The prices of the Basra crude to Asian customers dropped slightly for the third day on Thursday with the increase in oil prices in the global market.

Basra's intermediate and heavy crudes dropped $0.82 to settle at $78.99 and $73.24, respectively.

Oil edged up on Thursday after Brent crude posted its most significant single-day loss in seven weeks the day before. Market players reassessed positions after the U.S. Federal Reserve stoked worries about the economy by suggesting further rate hikes ahead.

Brent crude futures rose 37 cents, or 0.5%, to $80.97 per barrel by 0533 GMT. West Texas Intermediate crude futures (WTI) advanced 32 cents, or 0.4%, to $74.27 a barrel.

Both benchmarks lost more than $2 in the previous trading day on expectations of more aggressive interest rate increases