Basrah crudes decline amid global economic concerns
Shafaq News / Prices of Iraq’s Basrah crudes fell on Thursday, driven by concerns over a global economic slowdown.
Basrah Heavy dropped by $3.29, or 5.50%, to $56.49 per barrel, while Basrah Medium fell by the same margin, or 5.24%, to $59.54 per barrel.
The declines come amid a broader downturn in global oil markets, triggered in part by tariffs imposed by US President Donald Trump on several major trading partners. The trade tensions have heightened fears of a global economic deceleration, casting a shadow over future oil demand projections.
Further pressuring prices was a recent decision by OPEC to restore some of its oil production to the market, raising concerns about a potential oversupply.
Brent crude was trading at $64.71 per barrel, while West Texas Intermediate (WTI) stood at $61.70.
