Basrah Crude prices edge up amid global oil market rebound
2024-09-11T06:25:07+00:00
Shafaq News/ On Wednesday, Basrah crude climbed slightly, with a bouncing in global oil prices.
Basrah Heavy crude gained 28 cents to $66.72 per barrel, while Basrah Medium crude edged higher by 8 cents to $69.72 per barrel.
Global crude prices rose as concerns over Tropical Storm Francine disrupting oil supply outweighed demand worries.
Brent crude futures increased by 39 cents, or 0.6%, to $69.58 a barrel by 0031 GMT, while U.S. crude futures rose 44 cents, or 0.7%, to $66.19 a barrel.
Both benchmarks had dropped nearly $3 on Tuesday, with Brent reaching its lowest level since December 2021 and WTI falling to its lowest point since May 2023, following OPEC+'s downward revision of its demand forecast for this year and 2025.
