Basrah crudes inch lower despite global oil surge
2024-07-11 11:20:05 - From: Shafaq News
Shafaq News/ On Thursday, prices for Basrah Heavy and Medium crude oils fell, even as global crude prices experienced an uptick.
Basrah Heavy crude declined by $1.79, settling at $79.88 per barrel.
Similarly, Basrah Medium crude saw a decline of $1.72, bringing its price to $82.78 per barrel.
In contrast, global oil prices rose due to a decrease in US crude inventories.
This decline in stockpiles was driven by increased processing activity at American refineries and a reduction in gasoline inventories, indicating a rise in demand.
Brent futures rose 35 cents, or 0.4% to $85.43 a barrel.
US West Texas Intermediate (WTI) crude rose 36 cents, or 0.5%, to $82.47 a barrel.
