Basrah crude prices fall despite global oil market gains
2025-05-28T06:54:44+00:00
Shafaq News/ Basrah crude prices declined on Wednesday, even as global oil benchmarks posted moderate gains.
Basrah Heavy fell by 40 cents to $61.06 per barrel, while Basrah Medium dropped by the same margin to $64.01.
The drop comes despite rising global oil prices, driven by a new US decision to bar Chevron from exporting crude from Venezuela under a revised license—fueling concerns about a tighter global supply.
As of 03:45 GMT, Brent crude futures were up 25 cents, or 0.4%, to $64.34 per barrel. US West Texas Intermediate (WTI) rose 24 cents, or 0.4%, to $61.13.
