Basrah crudes inch lower despite global oil surge
2024-09-24T07:10:41+00:00
Shafaq News/ Prices for Basrah Heavy and Basrah Medium crude oils declined slightly on Tuesday, despite a rise in global oil prices.
Basrah Heavy crude fell by 16 cents to $69.32, while Basrah Medium crude also dropped by 16 cents, reaching $71.40.
This decline occurred amid news of new monetary stimulus from China, the world's largest crude importer, and concerns that escalating tensions in the Middle East could disrupt supplies from key production areas. Additionally, a significant hurricane is approaching the United States, the largest crude oil producer in the world.
Globally, Brent crude futures for November were up 69 cents, or 0.93%, at $74.59 a barrel. US WTI crude futures for November rose 74 cents, or 1.05%, to $71.11.
