Basrah crudes slightly tick lower following global oil decline
2024-06-27T07:22:55+00:00
Shafaq News/ Basrah crude prices, both Heavy and Medium, recorded a slight decline on Thursday as global oil prices fell.
Basrah Heavy crude dropped by 11 cents to $82.87 per barrel, while Basrah Medium crude also fell by 11 cents, settling at $85.72 per barrel.
The decline in global oil prices followed an unexpected increase in US stockpiles, which heightened concerns about slowing demand in the world's largest oil consumer.
However, worries over potential disruptions to Middle Eastern supplies due to the ongoing Gaza conflict limited further price drops.
Brent crude oil futures fell 28 cents, or 0.3%, to $84.97 a barrel. US West Texas Intermediate crude futures dropped 31 cents, or 0.4%, to $80.59 per barrel.
