Basrah crude drops amid a surge in global market
2024-05-09 12:00:06 - Source: Shafaq News
Shafaq News / On Thursday, Basrah crude oil dropped while the global oil prices climbed.
Basrah Heavy crude recorded a decrease of $0.74 to $81.55, while Basrah Medium dropped by $0.74 to $84.65.
Global oil prices climbed in early trading on Thursday, driven by shrinking U.S. crude inventories, indicating tighter supply. Additionally, there were increasing expectations that the Federal Reserve would reduce interest rates by the year's end.
Brent crude futures for July increased by 23 cents to $83.81 per barrel by 0033 GMT, while U.S. West Texas Intermediate crude for June rose by 29 cents, reaching $79.28 per barrel.
