Basrah crudes surge despite global oil dip

Shafaq News / On Monday, prices for Basrah's Heavy and Medium crude oil rose, defying a downward trend in global oil prices.

Basrah Heavy crude prices increased by eight cents, reaching $77.85 per barrel. Similarly, Basrah Medium crude prices climbed eight cents, hitting $80.92 per barrel.

This rise in Basrah crude prices comes following a global decline in oil prices for the second consecutive session. 

The drop in global prices is attributed to the strengthening of the US dollar, following robust US employment data released last Friday, which delayed expectations for a cut in US interest rates.

Brent crude futures gained 28 cents, or 0.4%, to $79.90 a barrel, and US West Texas Intermediate crude futures was up 0.3%, or 26 cents, at $75.79 a barrel.