Basrah oil ticks lower, mirrors global oil dip

Shafaq News/ Basrah crude oil dropped slightly on Monday, with global oil prices declining.

Basrah Heavy crude oil fell by 8 cents to reach $85.64, while the price of Basrah medium crude oil declined by 8 cents to $88.4.

Global oil prices also declined on Monday, influenced by a renewed focus on market fundamentals amid reduced concerns about escalating tensions in the Middle East following Israel's reportedly limited strike on Iran.

Brent futures dropped by 67 cents, or 0.77%, to reach $86.62 per barrel by 0415 GMT.

The front-month U.S. West Texas Intermediate (WTI) crude contract for May, set to expire on Monday, fell by 63 cents, or 0.76%, settling at $82.51 per barrel, while the more active June contract declined by 64 cents to $81.58 per barrel.