Basra crudes surge despite global oil prices stabilizing
Shafaq News / Prices of Basra Heavy and Basra Intermediate crude oil increased slightly on Tuesday despite global oil prices stabilizing.
Basra Heavy crude oil prices rose by 2 cents to $77.30, while Basra Intermediate crude oil increased by the same amount to $80.60.
According to Reuters, global oil prices remained near their highest levels in over three months as the Iran-aligned Houthis continued their attacks on shipping lanes in the Red Sea and Bab al-Mandab Strait, with at least four more vessels hit by drone and missile strikes since Friday.
One of them, the Belize-flagged, British-registered, and Lebanese-managed Rubymar cargo vessel in the Gulf of Aden, was in danger of sinking, Houthis said, raising the stakes in their campaign to disrupt global shipping in solidarity with the Palestinians in Gaza.
Tourism revenues in China surged 47.3% year-on-year and rose above pre-COVID levels during the national Lunar New Year holiday that ended on Saturday.
China also cut a benchmark reference rate for mortgages by more than expected on Tuesday, in a bid to shore up its beleaguered property market and economy.
However, the price-supportive factors did not completely offset demand worries. A bearish International Energy Agency (IEA) report revised the 2024 oil demand growth forecast downward on expectations that renewable energy would supplant fossil fuel usage.
