Basra's heavy crude drops $1.72 on Thursday
Shafaq News/ Basra's heavy crude exported to Asia on Thursday dropped by 1.72%, equivalent to $1.79, settling at $102.72 a barrel.
The Saudi Arab light crude rested at $110.42 a barrel, while UAE's Murban Mixture and the Algerian Saharan blend registered $112.10 and $113.17 a barrel, respectively. A barrel of Bonny light (Nigeria) reported $113.56, while Iran's heavy blend and Angola's Girassol registered $106.10 and $110.63, respectively.
Oil prices rose on Thursday, recovering from early losses, hoping that planned easing of restrictions in Shanghai could improve fuel demand while lingering concerns over tight global supplies outweighed fears of slower economic growth.
Brent crude futures for July were up $1.32, or 1.2%, at $110.43 a barrel at 0700 GMT, after falling by more than $1 earlier in the session.
U.S. West Texas Intermediate (WTI) crude futures for June rose 62 cents, or 0.6%, to $110.21 a barrel, recovering from an early loss of more than $2. WTI for July was up $1.33, or 1.2%, at $108.26 a barrel.
