Basrah crudes drop as global oil decline

Shafaq News / Basrah crudes edged lower, on Tuesday, despite a surge in global oil prices.

Basrah Heavy crude fell by $1.53 to $81.80, while Basrah Medium crude dropped by $1.53 to $84.75.

Oil prices remained relatively stable on Tuesday as investors awaited new catalysts, such as upcoming U.S. inflation data and the monthly report from the Organization of the Petroleum Exporting Countries (OPEC) later this week.

Brent crude futures edged up by 4 cents to reach $83.40 per barrel at 0315 GMT, while U.S. West Texas Intermediate crude futures saw a slight increase of 5 cents, reaching $79.17 per barrel.

Both benchmark contracts had shown gains on Monday, buoyed by indications of strengthening demand in the United States and China, the world's leading oil consumers.