Basrah Heavy and Medium crudes decline despite global rise
2024-06-06T06:29:17+00:00
Shafaq News / Prices for Iraqi Basrah Heavy and Medium crude oil fell, on Thursday, bucking a trend of rising prices in the global market.
Basrah Heavy crude prices dropped by 36 cents to settle at $76.08 per barrel, while Basrah Medium crude prices also declined by 36 cents to reach $79.03 per barrel, according to economic media outlets.
These declines in Iraqi oil prices come despite an uptick in global oil prices, driven by growing expectations that the Federal Reserve (US central bank) will lower interest rates in September.
However, global oil prices faced some pressure from rising US crude oil inventories, as well as plans by OPEC+ to increase production.
