Slight increase in Basra crude prices

Shafaq News / Despite a slight decrease in global oil prices on Monday, the prices of Basra Heavy and Basra Intermediate crude oil rose slightly.

The price of Basra Heavy crude increased by seven cents to reach $77.87, while the price of Basra Intermediate crude also rose by seven cents to $81.17.

Global oil prices continued their losses from the previous session, with oil ending the week down by two to three percent amid market concerns that higher-than-expected inflation could delay a US interest rate cut.

According to Reuters, Brent crude futures fell 35 cents, or 0.4%, to $81.27 a barrel, while US West Texas Intermediate crude futures (WTI) declined 35 cents, or 0.5%, to $76.14 a barrel as the US dollar strengthened. A stronger dollar makes oil more expensive for holders of other currencies.