Basrah crudes dip amid global oil stabilization

Shafaq News / On Thursday, the prices of Basrah Heavy and Medium crude oil decreased, despite the global stabilization in oil prices.

Basrah Heavy crude oil dropped by 61 cents to reach $85.86, while the price of Basrah medium crude oil also declined by 61 cents to $89.6.

Global oil prices were little changed after a 3% drop in the previous session as the market remains concerned about demand this year and on signs that a wider conflict in the key Middle East producing region could be avoided.

Brent futures were up 13 cents, or 0.15%, at $87.42 a barrel, while U.S. West Texas Intermediate (WTI) crude futures traded 6 cents higher, up 0.07%, at $82.75 a barrel.