Basrah crude dip amid rising global oil market
2024-05-06T07:34:21+00:00
Shafaq News / The price of Basrah crude oil slightly declined on Monday amid a surge in global oil prices.
Basrah Heavy crude decreased by 8 cents to $81.90 per barrel, while Basrah Medium dropped by 7 cents to $84.20 per barrel.
Oil futures rose on Monday following Saudi Arabia's decision to increase June crude prices for most regions. Additionally, concerns over the potential escalation of the Israel-Hamas conflict dampened hopes for a Gaza ceasefire, amplifying worries about broader instability in the key oil-producing region.
Brent crude futures saw an uptick of 34 cents, or 0.4%, reaching $83.30 per barrel at 0518 GMT. Meanwhile, U.S. West Texas Intermediate crude futures also rose to $78.45 per barrel, up by 34 cents or 0.4%.
