Iraqi Basrah heavy, medium crude prices fall in line with global trend

Iraqi Basrah heavy, medium crude prices fall in line with global trend
2024-05-22T07:53:24+00:00

Shafaq News/ Prices for Iraq's Basrah heavy and Medium crude oil grades dipped slightly on Wednesday, mirroring a decline in global benchmark prices.

Basrah heavy crude fell by 82 cents to settle at $81.87 per barrel. Similarly, the Medium counterpart shed 82 cents to reach $84.82 per barrel.

The decrease is attributed to expectations that the U.S. Federal Reserve will maintain elevated interest rates for a longer period to combat persistent inflation. This could potentially dampen fuel demand in the United States, the world's largest oil consumer, and weigh on global crude prices.

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