Basrah crudes surge following global oil rise
2024-06-26T07:32:37+00:00
Shafaq News/ On Wednesday, Basrah crude oil increased alongside a surge in global oil prices.
Basrah Heavy crude edged higher by $0.84 to $82.24, while Basrah Medium also rose by $0.84 to $84.99.
Oil prices rose despite an unexpected jump in US inventories, driven by geopolitical risks stemming from the Middle East conflict and expectations of eventual inventory drawdowns during the peak demand season in the third quarter.
Brent crude oil futures rose 40 cents, or 0.5%, to $85.41 a barrel by 0406 GMT. US West Texas Intermediate crude futures gained 43 cents, or 0.5%, to $81.26 per barrel.
