Basrah crude prices dip as global oil market saw an increase

Shafaq News/ Basrah crude oil prices dropped on Thursday, with an upturn in global oil prices.

The price of Basrah Heavy crude decreased by 51 cents to $75.76 per barrel. Basrah Medium crude prices also fell by 51 cents, reaching $78.76 per barrel.

Global benchmark Brent crude futures settled higher at $82.30 a barrel, gaining $2.64, or 3.3%, while US West Texas Intermediate crude futures settled at $80.06 a barrel, up $3.22, or 4.2%.

Globally, Brent crude futures rose 17 cents, or 0.21%, to $79.93 a barrel by 0348 GMT, recovering some of the previous day's losses. US West Texas Intermediate crude gained 21 cents, or 0.27%, to $77.19 per barrel.

Both benchmarks dropped more than 1% on Wednesday after US crude inventories unexpectedly increased and concerns about a broader Middle East conflict eased.