Basrah crudes lead regional oil benchmarks
Shafaq News- Basrah
Basrah crude prices recorded gains of around 0.59% on Tuesday, while global oil markets held firm.
Basrah Heavy crude rose by 71 cents, to $121.08 per barrel. Basra Medium crude increased by 71 cents, to settle at $123.18 per barrel.
In contrast, several regional grades declined, with Saudi Light at $119.48 per barrel, Kuwait crude at $107.37, and UAE’s Murban at $103.57.
Globally, Brent crude futures rose $1.41, or 1.3%, to $109.64 a barrel. US West Texas Intermediate (WTI) crude were also up $1.27, or 1.3%, at $97.64.
Iraq prices its crude based on export destinations, with shipments to Asia linked to the Dubai and Oman benchmarks, exports to Europe tied to Brent with premiums or discounts, and cargoes to the United States priced against WTI in line with market conditions.
