Basrah crudes drop despite global oil stabilization

Shafaq News/ On Wednesday, Basrah crude oil dropped amid a stabilization in global oil prices.

Basrah Heavy crude edged lower by $1.56 to $79.52, while Basrah Medium rose by $1.56 to $82.42.

Oil prices held steady on Wednesday, with the global benchmark Brent hovering near a one-month low reached in the previous session. This comes as indications of weakening demand growth in China clashed with expectations of declining U.S. oil stockpiles.

Brent crude oil futures edged down by 4 cents to $83.69 a barrel by 0315 GMT, while U.S. West Texas Intermediate crude futures also eased by 4 cents to $80.72. Both benchmarks had seen declines over the past three sessions, with Brent crude futures trading as low as $83.30 on Tuesday, marking their lowest level since June 17.