Basrah crudes drop despite global oil surge

Basrah crudes drop despite global oil surge

Shafaq News/ On Wednesday, prices for Basrah Heavy and Medium crudes fell by 2.85%, despite a rise in global oil prices. 

Basrah Heavy crude decreased by $2.18 to $74.35 per barrel, while Basrah Medium crude also fell by $2.18 to $77.25 per barrel.

This decline occurred even as global oil prices recovered from their lowest levels in seven weeks, driven by rising geopolitical tensions after the killing of Hamas leader Ismail Haniyeh in Iran. However, oil prices continued to be pressured by concerns over demand in China.

Brent crude futures climbed $1.17, or 1.5%, to $79.80 a barrel ahead of expiry on Wednesday, while the more active October contract was at $79.18, up $1.11.

US West Texas Intermediate (WTI) crude futures rose $1.15, or 1.5%, to $75.88 a barrel. Both Brent and WTI fell about 1.4% on Tuesday, closing at their lowest levels in seven weeks.