Basrah crudes surge despite global oil decline
2024-11-05T06:21:22+00:00
Shafaq News/ On Tuesday, Basrah Heavy and Basrah Medium crude prices rose, despite a downturn in global oil markets.
Basrah Heavy crude increased 42 cents to $69.12 per barrel, while Basrah Medium climbed by the same margin to $72.87 per barrel.
The global oil market experienced a decline due to uncertainty surrounding the US presidential elections. This followed a more than 2% surge in the previous session, driven by OPEC+’s decision to delay planned production hikes for December and easing concerns about supply stability.
Brent crude futures ticked down 3 cents, or 0.04%, to $75.05 a barrel, while US West Texas Intermediate (WTI) crude was at $71.43 a barrel, down 4 cents, or 0.06%.
