Basrah crudes surge despite global oil decline

Shafaq News/ On Wednesday, Basrah crude oil dropped despite a rise in global oil prices.

Basrah Heavy crude edged lower by $0.42 to $81.66, while Basrah Medium rose by $0.42 to $84.51.

Oil prices rebounded on Wednesday following three days of declines, driven by an industry report showing a drop in U.S. crude and fuel stockpiles last week, suggesting steady demand. Additionally, the outlook for interest rate cuts has improved.

Brent futures rose 21 cents to $84.87 a barrel by 0055 GMT after falling 1.3% in the previous session. U.S. West Texas Intermediate (WTI) crude increased by 26 cents to $81.67 a barrel, following a 1.1% decline in the last session.

WTI had dropped 3% over the past three sessions due to concerns about weakening global oil demand and as the Texas energy industry appeared to have largely escaped significant damage from Hurricane Beryl, which struck the region on Monday. Brent prices have similarly fallen by 3.2% over the same period.