Basrah crudes drop on global oil decline

Shafaq News/ Basrah Heavy and Medium crude prices fell on Tuesday, reflecting a broader decline in global oil markets.

Basrah Heavy crude dropped by $1.29 to $74.35 per barrel, while Basrah Medium decreased by $1.20, settling at $77.35 per barrel.

The decline in oil prices comes after Israel accepted a proposal to address disputes hindering a ceasefire agreement in Gaza, easing concerns over potential supply disruptions in the Middle East. Additionally, weak demand from China also contributed to the downward trend.

Brent crude fell 53 cents, or 0.7%, to $77.13 a barrel. Front-month US West Texas Intermediate (WTI) crude futures, which expire on Tuesday, were at $73.87 a barrel, easing 50 cents, or 0.7%. The more actively traded second month contract was last down 49 cents or 0.7% at $73.17 a barrel. Brent had fallen about 2.5% on Monday, while WTI eased 3%.