Shafaq News/ Prices for Iraq's Basrah heavy and Medium crude oil grades dipped slightly on Wednesday, mirroring a decline in global benchmark prices.
Basrah heavy crude fell by 82 cents to settle at $81.87 per barrel. Similarly, the Medium counterpart shed 82 cents to reach $84.82 per barrel.
The decrease is attributed to expectations that the U.S. Federal Reserve will maintain elevated interest rates for a longer period to combat persistent inflation. This could potentially dampen fuel demand in the United States, the world's largest oil consumer, and weigh on global crude prices.