Basrah crudes drop despite global oil stabilization
Shafaq News/ On Wednesday, Basrah crude oil dropped amid a stabilizationin global oil prices.
Basrah Heavy crude edged lower by $1.56 to $79.52, while Basrah Mediumrose by $1.56 to $82.42.
Oil prices held steady on Wednesday, with the globalbenchmark Brent hovering near a one-month low reached in the previous session.This comes as indications of weakening demand growth in China clashed withexpectations of declining U.S. oil stockpiles.
Brent crude oil futures edged down by 4 cents to $83.69 abarrel by 0315 GMT, while U.S. West Texas Intermediate crude futures also easedby 4 cents to $80.72. Both benchmarks had seen declines over the past threesessions, with Brent crude futures trading as low as $83.30 on Tuesday, markingtheir lowest level since June 17.
