Rise in Basra Heavy and Intermediate crude oil prices despite global oil price decline
2023-10-19T09:47:36+00:00
Shafaq News/ Despite the global decrease in oil prices, Basra's crude oil prices rose on Thursday.
Basra heavy crude oil prices increased by $1.59, reaching $88.75 per barrel, while Basra Intermediate crude oil prices also saw a similar increase of $1.59, reaching $91.90 per barrel.
The rise in Basra's crude oil prices occurred against the backdrop of a decline in global oil prices. This decline was attributed to the lack of indications of support from the Organization of the Petroleum Exporting Countries (OPEC) for Iran's call to impose an oil embargo on Israel. Additionally, the United States plans to ease sanctions on Venezuela, allowing more of its oil to flow globally, contributed to the drop in global oil prices.
