Global Oil Prices Surge: Basra Crude Sees Significant Increase

Shafaq News/ On Wednesday, Basra crude prices experienced an increase of over 1% in response to global oil prices.

Basra Heavy crude prices rose 1.17 dollars, or 1.67%, reaching 71.16 dollars.

Basra Medium crude prices climbed by 1.17 dollars, or 1.60%, reaching 74.31 dollars.

Brent crude futures slipped 49 cents, or 0.7%, to $74.42 a barrel. U.S. West Texas Intermediate crude was down 55 cents, or 0.8%, to $70.84.

The global increase in oil prices can be attributed to factors such as the United States' efforts to boost its strategic reserves of crude oil and the growth of the Chinese economy, which is the world's second-largest consumer of crude oil.

These factors contribute to the overall demand for oil and influence price movements in the market.