Shafaq News/ In the volatile dance of global oil prices, Basra's heavy and medium crude experienced a more than 3% drop on Thursday, reflecting the broader downward trajectory of oil prices worldwide.

The price of Basra's heavy crude fell by $2.77, or an approximate 3.85%, bringing the price down to $69.24 per barrel. Basra's medium crude was also not spared, witnessing a similar reduction by $2.77, or around 3.69%, taking the price to $72.39 per barrel.

These declines align with the broader global oil market dynamics. A deceleration in demand from China, the world's largest oil importer, primarily drove the downward trend. The Chinese economy's weaker-than-expected performance, as evidenced by the latest economic data, coupled with the surge in American oil inventories, has amplified the downward pressure on oil prices.