Basrah crudes surge despite global oil downturn
2024-06-24T06:27:31+00:00
Shafaq News/ On Monday, the prices of Basrah's Heavy and Medium crude oils increased, even as global oil prices declined.
Basrah Heavy crude saw an uptick of 49 cents, reaching $82.71 per barrel, while Basrah Medium crude also rose by 49 cents, reaching $85.56 per barrel.
The global oil market, however, experienced a downturn due to the strengthening of the US dollar, which followed renewed concerns over prolonged high-interest rates and a cooling risk appetite among investors.
Brent crude futures slipped five cents to $85.19 a barrel after settling down 0.6% on Friday. US West Texas Intermediate crude futures were at $80.66 a barrel, down seven cents.
