Basrah crude prices rise despite global oil decline

Shafaq News/ On Thursday, prices for Basrah Heavy and Basrah Medium crude edged higher, despite the decline in global oil prices.

Basrah Heavy increased by $0.35 to $67.00 per barrel, while Basrah Medium also increased by $0.35 to $70.15 per barrel.

Basra crude prices have surged even as global oil prices face downward pressure due to expectations of increased global production and mounting concerns over weakened demand. The strengthening U.S. dollar has further capped oil prices, limiting gains across the energy sector.

By 04:00 GMT, Brent crude futures dropped 35 cents, or 0.5%, to $71.93 a barrel. US West Texas Intermediate crude (WTI) futures declined 42 cents, or 0.6%, to $68.01 per barrel.