Shafaq News/ Prices for Basrah’s Heavy and Medium crude oil increased by 1.2% on Thursday, as global oil prices stabilized following recent declines.
The price of Basrah Heavy crude rose by $0.71, reaching $70.08 per barrel, while Basra Medium crude saw a similar rise, reaching $73.08 per barrel.
Global oil prices held steady after a dip in the previous session. Signs of increased fuel demand and a decline in US oil inventories, the world’s largest consumer, helped counter concerns about demand slowdowns in other regions, particularly in China.
Brent crude futures were down 55 cents, or 0.75%, to $72.91 a barrel, while US West Texas Intermediate crude fell 55 cents, or 0.79%, to $69.14 per barrel.