Basra's heavy crude drops $5 on Tuesday

Shafaq News/ Basra's heavy crude exported to Asia on Tuesday dropped by 4.63%, equivalent to $4.71, settling at $97.05 a barrel.

The Saudi Arab light crude rested at $108.10 a barrel, while UAE's Murban Mixture and the Algerian Saharan blend registered $102.02 and $100.21 a barrel, respectively. A barrel of Bonny light (Nigeria) reported $99.78, while Iran's heavy blend and Angola's Girassol registered $98.62 and $98.69, respectively.

Oil prices opened slightly higher on Tuesday after falling sharply the prior session on worries that continued COVID-19 lockdowns in China would eat into demand as the U.S. dollar rose to a two-year high.

Brent crude futures were at $102.57, up 25 cents, or 0.2%, and U.S. West Texas Intermediate contracts climbed to $98.70, up 16 cents, or 0.2%, at 0002 GMT.

Both contracts had settled down around 4% on Monday, with Brent down as much as $7 a barrel in the session and WTI dipping roughly $6 a barrel.