Basra Crude Prices Edges Lower as Global Oil Prices Surge
Shafaq News/ Basra crude prices increased on Tuesday by a more than 1% surge in global oil prices.
Basra heavy crude prices climbed by $1.36, equivalent to a 1.90% increase, reaching $73.06.
Basra medium crude prices rose by $1.36, indicating a 1.82% hike, to reach $76.21.
Globally, oil fell by nearly 2% on Tuesday as concerns about the U.S. debt ceiling pact cooled the market's risk-on sentiment, and mixed messages from major producers clouded the supply outlook ahead of their meeting this weekend.
Brent crude futures fell $1.36, or 1.8%, to $75.71 a barrel by 0859 GMT. U.S. West Texas Intermediate (WTI) crude was down $1.19, or 1.6%, from Friday's close to $71.48 a barrel. There was no settlement on Monday because of a U.S. public holiday.
