Basra crudes slightly decline after brief stability

Shafaq News/ Basra crudes witnessed a marginal decline in prices on Tuesday, with the prices dropping by 4 cents amid concerns over sluggish demand.

The Basra heavy and intermediate crude oil rates decreased by 4 cents, or 0.05%, settling at $76.92 and $80.47, respectively.

The worldwide oil prices experienced a modest contraction after stabilizing earlier in the day, with a concomitant weakening of demand as investors anticipate sluggish global economic growth. This downturn, though slight, reflects the prevailing uncertainty surrounding the trajectory of the world economy.

Market analysts assert that the tepid demand is linked to a confluence of factors, including concerns over the pace of economic recovery and geopolitical tensions affecting the global energy supply chain.