Basrah crudes surge despite global oil decline

Shafaq News/ On Thursday, Basrah crude oil increased alongside a drop in global oil prices.

Basrah Heavy crude edged higher by $0.10 to $83.32, while Basrah Medium rose by $0.10 to $86.17.

Global oil prices fell after employment and business activity data in the United States came in weaker than expected, indicating that the economy may be slowing down in the world's largest oil-consuming country.

Brent crude futures fell 48 cents, or 0.55%, to $86.86 a barrel, while US West Texas Intermediate (WTI) crude futures dropped 51 cents, or 0.62%, to $83.36 by 0342 GMT, with trading activity subdued due to the US Independence Day holiday.