Basrah crudes inch lower, global oil market gains
Shafaq News/ Iraq’s Basra crude oil prices declined on Thursday, even asglobal oil prices experienced an uptick.
Basrah Heavy decreased by $1.36 to $68.38 per barrel, and Basrah Mediumalso increased by $1.36 reaching $71.53 per barrel.
Iraq, OPEC’s second-largest producer, relies heavily on oil revenues tosupport its economy.
Globally, oil prices rose on Thursday following a sell-off triggered bythe US presidential election, as risks to oil supply from a Trump presidencyand a hurricane building in the Gulf Coast outweighed a stronger U.S. dollarand higher inventories.
According to Reuters, Brent crude oil futures were up 65 cents, or0.87%, at $75.57 per barrel by 0400 GMT. US West Texas Intermediate (WTI) crudegained 54 cents or 0.75% to $72.23.
