Basrah crudes dip following global oil decline

Shafaq News/Basrah Heavy and Medium crude oil prices inched lower on Tuesday, following a dip in global oil prices.

Basrah Heavy crude fell by 90 cents to $82.08 per barrel, while Basrah Medium crude also dropped by 90 cents, landing at $84.93 per barrel.

This decline aligns with the overall downturn in oil prices, which continued their losses from the previous session.

The market reacted to a hurricane that hit a major oil production hub in Texas, US, causing less damage than anticipated, thereby easing concerns about supply disruptions.

Brent futures fell 22 cents to $85.53 a barrel, while US West Texas Intermediate (WTI) crude fell 24 cents to $82.09, as per Reuters.