Basra crudes surge despite global oil slip

Shafaq News / Despite the global decrease in oil prices, the prices of Basra Heavy and Basra Intermediate crude oils rose, on Tuesday.

The price of Basra Heavy crude oil increased by 57 cents to reach $80.87, while the price of Basra Intermediate crude oil also rose by 57 cents to reach $84.27.

According to Reuters, global oil prices dipped, on Tuesday, due in part to the prospect of rising supply from Russia, slower-than-expected downstream demand in sectors such as jet fuel, and cautious trading ahead of the Fed's decision on U.S. interest rates.

The Brent crude oil futures contract for May delivery slipped 15 cents to $86.74 a barrel, while U.S. West Texas Intermediate (WTI) prices fell 14 cents to $82.02. The WTI April contract, with expires tomorrow, fell 15 cents to $82.57.

Both benchmarks reached four-month highs in the previous session, buoyed by lower crude exports from Saudi Arabia and Iraq and signs of stronger demand and economic growth in China and the U.S.