Basra Oil Prices Surge Over 2% on Tuesday

Shafaq News/ Prices of Basra Heavy and Medium crude oil witnessed a robust surge on Tuesday, climbing more than 2% as the market reacted to changing dynamics.

Basra Heavy crude recorded a notable increase of $1.79, equivalent to 2.16%, reaching $84.68 per barrel. Similarly, Basra Medium crude experienced a gain of $1.89, or 2.20%, settling at $87.83 per barrel.

In contrast, Tuesday's global oil market demonstrated a slightly different trajectory. Oil prices edged lower in response to disappointing trade data from China, the world's largest oil importer. Imports and exports from the Asian economic powerhouse fell significantly more than anticipated, signaling sluggish growth. Despite these concerns, the decline in oil prices remained contained due to anticipated supply constraints.

Brent crude futures registered at $85.05 per barrel, representing a marginal dip of 29 cents, or 0.34%, as of 0641 GMT. Meanwhile, U.S. West Texas Intermediate (WTI) crude exhibited a similar trend, at $81.69 per barrel, experiencing a modest decrease of 25 cents, or 0.31%.