Basrah crude drops amid a decline in global oil market

Shafaq News/ On Wednesday, Basrah crude oil decreased with a decline in global oil prices.

Basrah Heavy crude dropped by $2.84 to $76.44, and Basrah Medium climbed by $2.84 to $79.39.

Oil prices hovered near four-month lows in Asia on Wednesday as markets reacted to an OPEC+ decision to increase supply later this year and a rise in U.S. crude and fuel stocks.

Brent crude futures inched up 4 cents to $77.56 a barrel by 0307 GMT, while U.S. West Texas Intermediate (WTI) crude futures remained steady at $73.25 a barrel.

Both contracts dropped nearly a dollar on Tuesday, reaching their lowest settlement levels since early February, and had declined by about $3 a barrel on Monday.

The decline followed an announcement from the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, revealing plans to boost supply from October despite recent indicators of weakening demand growth.