Basrah crudes inch higher with a surge in global markets
2024-10-31T07:51:18+00:00
Shafaq News/ Basrah crude oil climbed, on Thursday, mirroring the surge in the global oil market.
Basrah Heavy crude edged higher by $0.49 to $66.50 per barrel, while Basrah Medium also saw a $0.49 increase, reaching $69.65 per barrel.
Globally, oil prices rose on Thursday, extending the previous day's rally, driven by optimism over US fuel demand after an unexpected drop in crude and gasoline inventories. Reports indicating that OPEC+ may delay a planned output increase also provided support.
By 0505 GMT, Brent crude futures increased by 47 cents, or 0.65%, reaching $73.02 a barrel. Meanwhile, US West Texas Intermediate crude futures, set to expire later in the day, rose 43 cents, or 0.63%, to $69.04 per barrel.
