Basrah crude loses over 3% with regional benchmarks sliding

Shafaq News- Basrah

Iraq's Basrah crude declined more than 3% on Thursday, even as global oil benchmarks posted a second consecutive day of gains driven by supply concerns linked to rising US-Iran tensions.

Basrah Heavy lost $2.02, or 3.30%, to settle at $59.20 per barrel, while Basrah Medium fell by the same amount, dropping 3.19% to $61.30 per barrel.

Globally, West Texas Intermediate (WTI) rose $1.19, or 1.32%, to $91.12 per barrel, while Brent crude gained $1.09, or 1.17%, to reach $94.19 per barrel.

The Organization of the Petroleum Exporting Countries (OPEC) basket slipped $3.60, or 3.51%, to $98.92 per barrel. Several regional benchmarks also recorded losses. Kuwait Export crude shed $4.40, or 4.14%, to $101.84 per barrel, Oman crude on the Dubai Mercantile Exchange fell $3.78, or 4.09%, to $88.66 per barrel, and Saudi Arabia's Arab Light dropped 2.42% to $94.18 per barrel.