Basrah crude prices fall despite global oil gains
2024-06-03T06:42:22+00:00
Shafaq News/ Prices for Basrah Heavy and Medium crude fell on Monday, bucking the trend of rising global oil prices.
Basrah Heavy crude prices dropped 7 cents to settle at $80.65 per barrel, while Basrah Medium crude prices declined 7 cents to reach $83.64 per barrel.
The global oil price rally followed a move by the OPEC+ alliance to extend its deep production cuts into 2025.
Despite the recent dip, Basrah crude prices remain elevated compared to pre-pandemic levels. The Basrah heavy crude was trading at around $60 per barrel in early 2020, while the Medium counterpart was priced at around $63 per barrel.
