Basrah crudes rise as global decline

Shafaq News / On Wednesday, the Basrah Heavy and Basrah Medium crude oils climbed despite a general decline in global oil markets.

Basrah Heavy crude rose by 89 cents to $72.39 per barrel, while Basrah Medium crude also climbed 89 cents to $75.39 per barrel.

The uptick in Basra crude prices contrasts with the broader drop in global oil prices, driven by expectations of a resolution to the political conflict that has disrupted exports from major Libyan ports, alongside concerns about a potential slowdown in global oil demand growth.

Brent crude futures for November declined by 37 cents, or 0.5%, to $73.38 by 0330 GMT, following a 4.9% drop in the previous session. U.S. West Texas Intermediate (WTI) crude futures for October fell 41 cents, or 0.6%, to $69.93, after a 4.4% decline on Tuesday.