Basrah crudes decline despite global oil surge
2024-05-02T07:00:10+00:00
Shafaq News / Despite the global oil price surge, Basrah Heavy and Basrah Medium crude oil prices dropped on Thursday.
Basrah Heavy crude oil prices fell by 82 cents to $85.31, while Basrah Medium crude oil prices dropped by 82 cents to $88.51.
Global oil prices rose amid expectations that the United States would start buying oil to replenish its reserves after prices plummeted to a seven-week low.
This coincides with hopes for a ceasefire in Gaza, rising US inventories, and uncertainty about interest rate cuts in the United States.
