Basrah crudes rise following global oil gains
Shafaq News / The prices of Basrah Heavy and Basrah Medium crude oil surged on Wednesday, in line with the rise in global oil markets.
Basrah Heavy crude saw an increase of $1.59, reaching $79.62 per barrel, while Basrah Medium crude also climbed by $1.59, bringing it to $82.47 per barrel.
The rise in oil prices was supported by optimistic views on global demand from the US Energy Information Administration (EIA) and OPEC.
This sentiment was further bolstered by industry data indicating that US crude oil inventories fell more than expected last week, pointing to robust demand.
Brent crude futures rose 37 cents, or 0.45%, to $82.29 a barrel, while US West Texas Intermediate (WTI) crude futures gained 46 cents, or 0.6%, to $78.36.
