Basra crudes drop despite global oil price rise

Shafaq News / Despite a global rise in oil prices, Basra heavy and intermediate crude oil prices dropped on Thursday. Basra heavy crude prices decreased by $2.52, reaching $80.17, while Basra intermediate crude prices also fell by $2.52, reaching $82.92.

This decline occurred even as global oil prices experienced an overall uptick alongside broader financial markets. This increase followed a previous drop of nearly 7% over the past two sessions, reflecting signs of deteriorating demand forecasts.